I don't usually put much stock in Valleywag postings (though I do follow because occasionally there is a gem). Owen Thomas produced one today. I am not sure of his assessment of Loic LeMeur and his Seesmic venture but I thought one statement was particularly lucid:
"Video is one of the most inefficient means of communication, suited only for self-important types who overvalue their own thoughts and undervalue the time of those they speak to."
Capsulizes a thought I have had many times in the past (in fact I think much the same about audio only podcasts).
Video blogging might be a time saver for the creator but wastes the time of the consumer. Nothing is more annoying or time wasting than a bunch of grainy low quality cell phone produced video with equally low quality audio produced live with no real purpose, no editing, no ability to search or discover any contained information.