What would be cool is having the ability for registered users to upload video into a library. Users control their own videos but upon upload they can activate it to display live.
In the Admin area you can upload a logo or watermark into the player for branding. Then make it so videos can be embedded into other blog posts elsewhere on the net...
Kind of like your own YouTube site but with your own name and branding... all done with WordPress. I would actually pay someone to have that done LOL
But I think this would be hot!!