Kevin Gibbons reports he now has an option under his "ad variations" tab that allows him to add a "Click To Play Video Ad." I have a screen capture of a click to play video ads from Google a while back.
So it appears that Google has given some advertisers the ability to add them to their account and place them on the content network.
Google also has a page on Click-to-Play Video Ads and they describe:
Google AdWords now supports click-to-play video ads – ads that combine the power of sound and motion with the precision of Google in order to provide users with a relevant and engaging advertising experience. Video ads join our line-up of text, image and flash ad formats and will be displayed on sites that are part of the Google network.
It isn't brand new, but I have never seen it in the AdWords management console. I still don't see it in my console, but Kevin Gibbons does and has a screen capture to prove it.
Forum discussion at Search Engine Roundtable Forums.

Comments:
imnotadoctor
03/16/2007 05:00 pm
Barry, I am seeing this option in one of my client's account. Time to play around with it!
David
03/16/2007 08:26 pm
Wow, this would be pretty wild. One of things lacking on the internet is a big system for deploying massive video ads (and <a href="http://advancedmediacommittee.typepad.com/emmyadvancedmedia/2006/10/tvvideo_web_inv_1.html" rel="nofollow">some say this is holding back internet TV</a>.) If thjs is ready to go, it would be pretty huge. David
Henrik
01/17/2008 01:47 pm
Google's click-to-play video ads have now been available since summer 2006. Still I have not the massive effect from it in advertisements on Google. Have any of you guys have any experience with on behalf of your clients and what was the results - click-through rate etc. Henrik