Online video is a big business, and Google realized that. While YouTube, Google Video and other video sites don't have a business model, contextual video ads are a sure bet. The idea that anyone can shoot a short video, upload it on the site and then embed it on his blog entices people to populate video sites databases with content. While many people will say that the content is not valuable (TV is the same), the diversity and the big amount of choices will make it very valuable in the future. It will be an archive of cultural trends, popular songs, news, events, TV shows, tips, and crazy ideas and it will surpass TV in popularity.
What do you watch on Google Video or YouTube? Do you think most of the videos are shallow?
Related:
10 Google Video tips
Google Video's dreams of expansion