The contenthunters are out there:
“At this time, we’re only collecting videos for potential inclusion in the program. When we enter the next phase, users will be able to search, preview, purchase, and play your video – depending on your preferences. In order to promote your video to users, every video on Google Video will allow users to see a quick preview. When we’re ready to distribute your video on Google Video, we’ll notify you. ”
Jon Stewart explains the concept (Quicktime Video).