So last week I tried to upload some video to the Google video thing a few minutes after it opened and the videos have still not been "verified." I just realized this morning (yes I’m a little slow) that this is not a video hosting service, but rather it’s a test. Google is just testing the water to see what kind of stuff will be thrown at them when they open the door and say "send me your video".
I imagine that eventually the system will have to be user moderated (/.) for it to be feasible. They could also use Flickr’s this may offend thing. Of course the most efficient solution would be putting ALL their employees on the task of verifying all the PR0N that is uploaded, cause you know that would be a great use of their time. How they end up running their system will be very interesting. ;)