The video equivalent of an html anchor tag for your video - a very interesting idea that I could see being used far beyond the technical crowd.
Considering a lot of the clips on Youtube are fairly short, I could see this being really useful for many of the longer duration videos such as the Google Tech Talks (http://research.google.com/video.html) or ConFreaks (http://confreaks.net/)
I remember seeing a presentation from BlipSnips in Boulder a few months back -- its good see so much progress being made on the product. It's definitely something I'd incorporate into my videos.
A lot of respect for the innovation that you guys are bringing to the space, plus always good to see another quality Rails app being launched.
