In order not to fall behind Yahoo's release of Video Search, Google announced its own Google Video Beta at the Google Labs last night. Google Video Search forum discussion at WebmasterWorld
Added (8:15am): Google Video Search differs from Yahoo's in that Google is using a content provider for the video selection. When doing a Google Video search "you'll find programs only from a limited number of channels, which we've been indexing since late December 2004." Yahoo! seems to take the normal Google approach, by just spidering the Web to find video. Google is taking more of the AOL, Ask Jeeves and Yahoo approach with forming partnerships with programs to syndicate the video. It does make for a higher quality listing of results when comparing Yahoo and Google.