In a recent interview with Mats Carduner (general manager of Google France) he revealed Google was working on Google Video search

Dodgy translated version:

For the multi-media one, the mission of Google remains to organize information and to make it available. One aims at the Web in all his forms: the text, images and tomorrow the audio-visual one. Googles Labs work besides on this concept of indexing of the video.

Click the linked title to read the interview