Thanks to everyone for the response

Based on everyone's responses, I'm assuming you all think that videos count as google's definition of 'content': http://insidesearch.blogspot.com/2012/01/page-layout-algorithm-improvement.html

I am concerned though that Google can't actually read the content of a video--what if you added quite a few videos accross a site without adding transcripts or schema.org?

What's the best way to get video thumbs to appear in SERPs?

We are considering adding videos to thousands of article pages, and were wondering if it would be better to add video above or below the fold?

They take up quite a bit of space, and push the article content below the fold--would this hurt us?

We're seeing soft 404 errors appear in our google webmaster tools section on pages that are blocked by robots.txt (our search result pages).

Should we be concerned? Is there anything we can do about this?