There has been a near hysteria about online video since the YouTube phenomenon and the merger with Google. It seems that ultimately the internet will become the repository of the majority of digital content. There will be a convergence of screens as new devices allow people to access content on their computers and view it on their wall mounted flat screens.
There is continuing fragmentation of the video viewing audience. Downloads to video iPods, YouTube, Google Video... but, there is not yet a mass movement of people who are watching traditional television programming online. More people are watching video online, but as Cuban says, it's snacks and not meals.
Keep this in mind if you produce video for the web. Shorter is generally better. People online tend to go into Attention Deficit Syndrome and usually don't have the mindset to watch a 30-minute or longer program. Produce for the medium. Don't expect one edit of content to work across all platforms. Good digital content producers must understand the medium and produce content that is friendly to the users of that medium.
I foresee a great need for video editors and online video producers who understand the differences between browser-based video and television.