Via Inside Google:

"It's up!

Check out the about page. It explains that it indexes closed captioning, as expected, allowing you to search what is being said, not just the titles."

Example Google Video results:

Search Engine Watch notes:

"One interesting twist to the service is that it indexes all content broadcast by the television stations. "There are ads within the shows, and users will be able to search and find that information just like everything else that was on the show," said Piscitello. This could be a useful competitive intelligence tool for companies that want to keep tabs on rival firms' TV advertising campaigns."

Silicon Beat:

"In and of themselves, these announcements don't blow our socks off. But stretch the threads into the future, and the possibilities become quite interesting. Suffice it say, we're thinking a lot right now about the distributed media landscape (blogs, podcasting, RSS, Tivo, videoblogging), the convergence of the Internet and the TV, and which aggregator/search engine is going to cobble together our daily media experiences in the future. And let's not forget all the copyright and digital rights management issues involved in that. Our heads hurt just trying to think about how this could play out."

The Blog Blog:

"In the next year, you'll be able to go to both Google and Yahoo! and search for videos from a variety of sources. Searching video instead of waiting for it on the couch could make for a pretty dramatic shift.

What happens, for instance, if you search for some video of a place or an event and it turns out that the best stuff you find comes not from a network but from a talented individual. That changes everything."