In January, Google announced that it will discontinue support for uploads to Google Video in a few months. "We've always maintained that Google Video's strength is in the search technology that makes it possible for people to search videos from across the web, regardless of where they may be hosted. And this move will enable us to focus on developing these technologies further to the benefit of searchers worldwide."
Even though Google owns YouTube, a much more popular video hosting service, Google Video attracts a different audience that watches longer videos and doesn't like the extraneous social features from services like YouTube. Google could use the same back-end for both services and promote Google Video as the place where you can watch Charlie Rose's interviews, interviews from the archive of American Television or public domain movies.