We at ReelSEO are always keen on finding new ways to search videos and more importantly, the content of the videos. Adobe has taken the problem to heart and found a solution that begins at the source - the Script.
According to a presentation they gave recently at the National Association of Broadcasters convention they have just the solution to video search, use the script itself for the basis.
That means that if you're say searching for a specific line in a video they should be able to take you to that exact point, provided you've remembered the words correctly.
This must be something similar to what YouTube was doing during the presidential race last year where you could type in what you were looking for and it would flag it in the video. This is on top of the visual and audio search capabilities that they have already been working on.
Adobe Story, as they're calling the technology, is a collaborative scriptwriting tool for film, broadcast, and rich media. Adobe Story enables the online pre-production workflow for those who want to collaborate and expand their ideas anytime, anywhere, with anyone.
There's not a huge amount of info available aside from that. They say it will be released in late 2009 and there's a brief FAQ up at http://labs.adobe.com/wiki/index.php/Story.