There are several things that Google does right when it comes to their player.
First, they understand that some videocasters may be looking to legitimately create longer form content. Sites such as YouTube (ironically also owned by Google) limit new accounts to 10 minutes of upload time only in an attempt to stop copyright infringement. All this really does is break the illegal clip up in to 4 segments, annoys users and stops nothing.
Second, Google understands that the Internet is a worldwide distribution medium. While I produce my new videocast SpaceVidcast in English, I have many episodes translated to as many languages as possible. Using the Google Video tools I'm able to upload a transcript and translation of the video to the service giving everyone a chance to view the material in their native language. Google has the ability to have multiple closed caption streams added to a single video. Check out the sample below from my Epsiode 002 SpaceVidcast (we run about 3 weeks behind in transcoding, although the larger the community gets the more we catch up).
Third, I can start playing from anywhere in the clip, but it doesn't appear to be streaming. What the heck do I mean by this? Google Video uses an advanced form of progressive download which means that no matter your bandwidth you'll be able to watch the video (it may take a while to download enough of the clip if your connection is slow). The problem with progressive download is that if you have a 2 hour clip and want to jump 90 minutes in you have to wait until that part has downloaded. Streaming video allows me to jump anywhere in the video but if I don't have enough bandwidth between the server and the client they won't be able to watch the clip. Google Video has a combination of both. I can jump anywhere in the clip even if it has not downloaded that part yet and watch from that moment in time even if I don't have enough bandwidth for a real-time stream. It is the best of all worlds.
Finally, I think the biggest and coolest feature of Google Video is the ability to send a link that allows me to start at any time in the video. I have the ability to copy the video's URL and add a time marker at the end to jump to that exact moment in time. If I want to share a part of the video that is 9 minutes in with a friend, just add a #13m32s to the end of the Google Video URL. While this feature was introduced back in 2006 it seems that most other video sharing sites didn't see the power in that feature which is really too bad.
There are disadvantages of Google Video too. The encode quality just has not kept up with the rest of the industry. The audience base simply isn't at Google Video, frankly they are at YouTube. Google seems to have mostly abandoned the Google Video project in favor of YouTube (which they purchased for a kabillion, zillion dollars). Tracking videos and plays on Google Video is abysmal (which is a big deal too). And the list goes on.
In the end I know that I have a worldwide community of people who want to see and understand my content. By using DotSub and a lot of community help I am able to make this happen with Google Video but not YouTube, Blip.tv, Brightcove, Revver, etc.
Do you have a favorite videocasting service? Do you know of a better service that allows for multiple languages, long form content and the ability to link to any moment in time for the video clip? Or do you completely disagree with my assessment of how the 2006 Google Video player trumps most 2008 players on the market today? Leave your insight in our comments!
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