One of the great things about youtube and all the big media around the video industry is that now we can expect video to evolve into something that is starting to be interesting. Proving that there is a huge potential market for this industry is attracting industry players that will give video capabilities that will convert it on the future collective memory it needs to be. (maybe it's the chicken or the egg old question where the attractiveness of the future capabilities of video is attracting the players in the first place as well). Anyway, what will we see soon that will change this media and its implications and uses?
1. Adding metadata both automatic and manually. Automatic metadata would be time information, GPS information. Also, there is software out there to manually add tags to specific areas of videos, such as Mojiti or Cuts.
2. Tracking objects inside video. There are already some software out there that tracks any particular object through videos. An example of a company working on this for security cams is Vigilant Video. Also in the photography realm there's Riya that is doing an amazing job in the same direction recognizing faces and tracking characters throughout different photos. They have a visual search that is very promising as well. There is also software to do video text recognition applied particularly to digitize text embedded in videos. Also, in this area, there's great potential for advertisement as it allows to do ads placement on videos.
3. Audio digitalizing, getting text of the audio. Voice recognizing both in audio and video. This will probably take a little more time, but it will come and the impact will be huge.
The main effect this of making video a non-sequential media is in terms of search potential. This will mean you can search for the video and specific instant where Bush said "The only way we can win is to leave before the job is done." in the video Greeley, Colo., Nov. 4, 2006.
The changed already started when video was tagged and community shared. I believe the next step will lead us into a new type of collective memory where we will be able to search our personal or collective video/audio database in a more similar way we do with our brain memory (tempted to say internal memory versus external memory).