Google has launched their "video" search, but are taking a different approach than most search engines have. The new Google "video" search actually searches through programming guides and TV transcripts. The results show users snippets from the transcripts and screen shots from the video. This is much different than most video searches out there.
Google sees a long term goal in this effort. They're trying to fill a niche that doesn't exist right now. It's clear that at this point the technology is VERY preliminary. While there are some great features like sorting TV search results by zip code, to see only local programming... YOU CAN'T ACTUALLY WATCH THE VIDEO on most of these results. Is Google waiting for TV to be on-demand before this will happen?
It will be interesting to see how this develops, but the fact that video is not available to view is going to be an ENORMOUS problem for most users. Yahoo! is capitalizing on that very fact, and has moved their video search to the homepage...
Right now, this is not a Google "video" search... it's more like a historical "TV Guide" search.