John Battelle writes in his blog that today Google will launch in-browser video playback (via paidcontent), terming the move "the logical next step for Google's video search and upload function, which began taking uploads from anyone who cared to submit back in April." The videos will be searchable via the metadata provided during submission.
Apparently, Google's video search/playback will be integrated with its payment program, revealed last week. (Those uploading video had the option of requesting payments from those viewing the videos.)
Batelle writes that Google is essentially providing its infrastructure free of charge to those who want to upload video and have it be found and watched - but who might not otherwise have the resources to host and stream those videos. In the process, Google is creating "an alternative universe for video distribution and playback…independent of the walled garden business model in which video is currently locked."