Have you created a video recently? Did it have a video transcript? The Google Video Help document actually suggests one; in fact, you should also code it appropriately like so:
HH: Hours starting at 00 MM: Minutes starting at 00 SS: Seconds starting at 00 mmm: Milliseconds starting at 000
But is it helping the user? In response to the Cre8asite Forums post by Barry Welford, iamlost says that this time coding is beneficial for Google's data-mining process but not so much for a general user. In a way, I'm compelled to agree. I'm the kind of person who would rather read a transcript, but in the format that Google suggests, it's not as user friendly as I'd prefer.
Li Evans says, however, that transcripts have really helped her -- they've produced "amazing results." There are a few open ended questions directed at her about how she applied video, so check out Cre8asite Forums for the continued discussion.