This is a big deal. It means that "citizen journalists" who record an event with their mobiles will be able to share that video immediately with the world--no PC required. All of a sudden, we're all Christiane Amanpour.
I tried the service as soon as I heard about it. Setting up the account was a multistep process, but easy. Using my Treo 650, I took a few videos and uploaded them via the Treo's e-mail application. Here's my second video. Where's the first? Still on the Treo, unfortunately: Somewhere between the Treo, Cingular, and YouTube, I ran into a 300K upload cap, so video reporting from me is going to be brief. That's OK; I talk fast.