Well, I made some photos in the city last weekend with my 70-300 DO IS USM, handheld, ofcourse with IS on.
At home on the computer, I was a bit disappointed with the sharpness of some (not all) of my photos taken at 300mm - even though they were taken with fast shutter speeds (1/500, 1/640).
So I did a small test at home: made some photos handheld with IS on, and some with the camera on a tripod, with IS off, mirror lock-up and timer release, to minimize vibrations.
When zoomed to 100% on the computer, I could easily see that the tripod photos were sharper. I love IS, and it really works well (handheld without IS it's going to be really difficult to make a sharp photo), but for the best possible sharpness, a tripod is still better - even at fast shutter speeds. Ofcourse, for fast action photos, a tripod is not very practical...