Google Video has added indexes today for keyword searches on a number of commercial sources, mostly news. (via Battelle, SearchEngineWatch)
The search results page returns thumbnails and sometimes transcripts of the content, probably from the closed captioning. Sources so far include CNN, Fox, C-Span, NBC, ABC, PBS, Discovery Channel, Learning Channel, and a few others. The video returned in the search results isn’t actually available for viewing or downloading.
SearchEngineWatch also notes:
It’s worth mentioning that Blinkx.TV provides searchable access to content from some of the same sources including the Discovery Channel, Fox News, and CNN. Blinkx.TV also provides the option to limit by source and VIEW the full motion video on your computer.
Can’t tell whether the user uploaded video is indexed at all yet. Only got commercial content in a few quick queries, no video blogs (like Rocketboom) or video content that’s already out there via BitTorrent trackers.