For many videos it does not make sense to geocode them, but rather geoconnect to places—link a given moment in the video to a place visible then.
Places in Videos is an experiment along these lines. How useful may it be? Big companies (Google, Yandex and others) are capturing panoramic images on the streets. These images are complementing their map products and help users to get better ideas of places around.
It would be nice to have an open dataset of connections between videos and places complementing open geodata.
Videos could give even better ideas about places. Moreover, several of them could be linked to the same place. In addition, panorama taking vehicles may have hard times accessing some areas. For instance, French band Make the Girl Dance filmed the clip "Baby Baby Baby" on rue Montorgueil, pedestrian street in Paris, where no Streetview car went. The video can be linked to several supermarkets, hotels, and restaurants along the street (http://locovidi.appspot.com/video/yt/IQGhq0IlVok may be NSFW).
It is not clear for me how many people would be interested in doing the connection. At the moment anyone with Twitter account may login and contribute. The data collected with the project will be open, CC0 licence for POIs and CC-by-SA license for remaining content.