http://www.reviewsaurus.com/2006/07/google-video-ads-shown-on-reviewsaurus.html

well, the video ad looks cool, what do you say?

Nice. If I could somehow switch a setting to disable all animated ads, I'd give the big AdSense images + text square another try. On-demand animations I think are OK...

... so you get paid everytime someone watches the video? Neat.

... everytime someone watches the video and/or clicks on it to go to the advertiser's website.

Just watching the video won't result in a payment, if I understand Google's help on this right:
"We'll report a click for each clickthrough a user makes that leads them to the advertiser's site. This can be either a click on the display URL or a click on the video while it is playing. We won't report a click when a user merely clicks the play button or the opening image in order to initiate playing the video."
https://www.google.com/support/adsense/bin/answer.py?answer=40098&ctx=en:search&query=video&topic=0&type=f

Ok so where is the value props then ?? Whats the point if the adsense partner does not make money when the video is viewed ??

pay-per-click vs pay-per-view

Yeah, there ought to be a minor payment made for viewing... I mean, it's not like with image ads, where it's impossible to know if the image was looked ad... when a user plays the video he apparently gets the message!

Philipp, what happens if the video is a complete commerical "clip" commerical itself .. just like a TV 45 sec ad ?? Then what happens. ??

Advertisers get exposure, and webmasters get ripped off :)