Google extended search capabilities to video with speech to text. Now we can search not only title or description of videos, but spoken content also. This is limited to only few 2008 US election videos in Youtube at this time and will be extended. Using Speech to text capabilities, audio part of the video is converted into text and indexed.
To search video, add this gadget to your iGoogle page and search video. Hover your mouse over the yellow pointers in the video to see text. You can then directly jump to the part of video by clicking on yellow pointer.