I like the idea, as long as there is some kind of limit on the length of video clips (5 minutes?) and the people running it are responsible about copyrighted content.
BTW I read above someone works with pornotube here, how long does it take for your video to upload? I uploaded a 50 second trailer the other night and its still not showing up

my account id is beaverbob..
I am interested to see if this could be a productive source of traffic. I wouldn't expect it to take the place of other valuable traffic sources such as linklists, tgps, blogs, etc... but my feeling is the more places you can get traffic, the better.