Yesterday Google and Yahoo each launched Video search. They both take a very different approach. Google's Video Search at video.google.com indexes the closed captioning text of programs they have been archiving since December. Yahoo's video search at video.yahoo.com actually searches for video content that you can display on your PC. but uses the names of the videos rather than the content as the key.

Both are in Beta. It's cool to find videos, and neat to see what was said on TV programs, but it would also be nice to find the programs and play the segment online that referenced the searched terms. It will be interesting to watch where this goes.

As of yet, neither appears to offer sponsorship listings based on the terms searched, but that can't be far away.