Getting to the "good stuff" is a great challenge for video. One of several tagging technologies comes from MotionBox, which provides illuminating examples on their blog. The "cool feature" is to provide a horizontally scrolling series of thumbnails (taken every 5 seconds) below the video window. It's quite easy to scroll to an interesting picture and then start the video at that point. They also provide direct jumps to previously-tagged segments.
I don't know what formats they use for uploaded videos. The end resolution is "acceptable" on a web page, but not downloadable and certainly not useful on a living room TV. Someone has got to tie the whole system together!
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