I'm pretty sure this feature launched with the user-created-content portion of google video.

But I can't guarantee it..

> does anyone know if this feature is new?
First was the transscript, now this

But it does not seem to work for me. And how do I delete the text? If I empty all, it shows an error...

And there's a little bug with it : when the video finishes, the "Send link to a friend" window pops _under_ the subtitle, so the buttons are actually _under_ the last subtitle line... Weird!

Update: Google just announced this feature now.
http://googlevideo.blogspot.com/2006/09/finally-caption-playback.html

I knew they where going to create this service, but i forgot to write it down somewhere...