Sarah alerted me to ClipBlast.com - Video From Around the Web. According to their 'About us' page they've got a fast easy interface (which they have) to get millions of high quality clips from major brands and producers. Examples of producers that I noticed are CNN, BBC, CNBC and so on. Some of the clips I saw were fairly short, although the Tony Blair farewell speech was almost an hour in duration. Sarah run a few searches and found it comparable to Google video in terms of numbers, although the actual content was different, and I found pretty much the same thing.
So... not a replacement, more an addition to your other video search tools.