I’m not always a fan of Google, but they get some things right, and while I would have said that Google Video is not exactly right, what they do get right is linking to a specific point in a video.
As more and more time-based media comes online, we need better tools (and maybe even some standards?) for linking to it. I know that some work has been done in this area, but we really need to step it up so audio and video can eventually be on par with hypertext when we want to address it on the web.