They haven't given too many details away there. Has anybody applied to register for this yet?
It seems that they're letting members who regularly contribute original videos share in the advertising revenue these generate.
It also seems like members retain the freedom to upload / distribute videos elsewhere - does this effectively mean that the creator of the video retains ownership of the copyright?
So, if you are already contributing original content, why wouldn't you want to sign up? It looks like people in this position can only gain by becoming a partner (unless I'm missing some important piece of the picture)!
I tried a few of these on some of my sites but they sucked. Most showed videos that were completely irrelevant to what the sites were about and I don't think I got a single ad click so I took them all off again. I think G is trying hard to make this media successful (they have to after what they paid out) but I'm not convinced it has a future.
The difference with this and the type of programs you mentioned is you are paid ad revenue share for video content you produce, as opposed to showign videos on your site and receiveign payment for ad clicks.
For hobby type video producers this may be a good way to generate revenue by doign "their thing".