“TED has developed a cool new technology that makes it possible to search, caption and translate TED talks. Each talk will now come with an transcript. What's cool is that you can click on any phrase in the transcript and you will jump to that point in the video. […] What this means is that videos will now be Google searchable.” - Amit Patel from Bookmarklet

YouTube can do most of this, e.g. skip to a point in a video. My hope is that YT could do similar things, but by starting with an attempt at automatic speech to text. - Matt Cutts

Matt, you mean like Google's Audio Indexing? :) http://labs.google.com/gaudi - Ray Cromwell