I'm gonna go against the grain a bit here and try and deflate the bubble a bit.
Internet video is not the second coming.
Yes, it's a new business and yes it's exciting in many ways.
Will it change the world? No.
Will it make some people some money? Sure.
Will it kill "old" media? Of course not.
Just like radio didn't kill theater and movies, TV didn't kill radio, Cd's still haven't killed vinyl, and video tape didn't kill everything.
New media formats appeal to new needs and desires (some created by marketers and advertisers, some genuine.)