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A Google comment on the blog...
...the video sitemap file gives us information about videos which are hosted on your site. If you also want to upload them to YouTube, you can do that regardless of this.
The Sitemaps also get certain video meta information... title, content location, player location, thumbnail location, whether family friendly, description, and duration... into a standard format.
MIT's CSAIL Project has created a "Lecture Browser [wirelessspeech.blogspot.com]" that indexes the spoken audio content inside videos; it offers results in either video or audio timeline sections, the section containing the search term is highlighted, and snippets of surrounding text are displayed. The searcher can also "jump" to the relevant section of the video directly from the index, as well.
And that's not the only successful effort out there to index videos via the spoken audio they contain; another firm called Everyzing is perfecting both an indexing process [wirelessspeech.blogspot.com], and a "Jump To" feature that will allow the searcher to go directly to the section of the video that contains the specific words they were looking for.
It only stands to reason that
Just my take..