Yes, I would love to incorporate a video blog here where people can submit videos. The only thing that has stopped me is I'm not sure people have the technology to get their videos compressed and web ready, but I plan to do it one day (maybe even in 2005).
Would you store the videos, or only point to them?
I think one of the issues is making things concise... it's fairly easy to plug a recent camcorder into a recent computer and dump the entire tape, but for online usage people would have to select out interesting parts to post.
And then there are codec standardization issues: quicktime is nice if you want to buy the authoring tools. For free tools, XVid (updated divx replacement) is great. Both this and quicktime work with players that have frame advance/rewind. But if you use windows movie maker, you're likely stuck with the proprietary WMV that little else can handle.