Some weeks ago, we had a discussion going about shooting long focal lengths with IS on and IS off. I was planning to do some experiements, but my camera was in the shop, then the ice storm. Instead of trying to find that old thread, I'll just start a new one.
I just did a number of test with my 200mm f/2.8 of a distant subject comparing handheld with IS on and tripod with IS off (I was also testing to be sure AF was accurate at infinity).
To my surprise, the images with IS on (handheld) were sharper than those from a tripod with IS off.
All shots were with a Pentax K20D (in camera IS) in good, strong light, progam P, a little over 1/600, same f-stop, ISO 100. At normal view, they both looked the same, but when I magnified them 10 clicks on Infranview full screen, those with IS on were noticably better. I actually expected the opposite.
I also tested the same way with ISO set at 800 (1/2000, f/10) to also check for noise difference. The results for IS on and IS off were the same, and I could tell no difference in noise levels.