*** UPDATE 8/9/2005 - Google launched this service about a month ago and I've been serving videos since. It's VERY cool, but requires you to download a browser plugin.
Google is about to launch a new Video service. From what I gather, it will do two things.
The first is unlimited storage/hosting of your video! I've uploaded about 890MB and they haven't even batted an eye. No longer will you have to upload your video to a server somewhere to be hosted 'cause Google seems to be solving that issue (i.e. home videos?).
The other thing is indexing META data for searching. For Google's Videos, this information are things such as Title, Description, Language, Production company, Genre, dates, credits, etc. It also allows someone to upload a Transcript of the video! All of this information is indexed in Google's massive search library.
It also allows you to charge for access. I'm not sure how that will work, but it's there.
Here's the link that will be soon heard around the world:
If you need a Gmail account, let me know as I have quite a few invitations left.