This is an interesting announcement through the Google Blog:
Google Video is a new product that enables you to search an index of transcripts from recent TV programs. It’s just an early-stage beta product at this point; you’ll only see stills and text snippets from shows that match your search terms, and you can only search shows from a few channels, dating back to December, 2004, when we started compiling the index.
Google promises to keep improving this early version of “video search”. As far as I can tell all the major American TV-channels are represented with transcripts. The question is how much Google will be allowed to share though this system – will we see a video search that will give us access to video segments as well as transcripts and screen shots?