I can't agree more with this SEO approach. Believe it or not, but just taking existing videos and changing the title, description text, tags, etc can make a big difference. I played around with some of my videos and after making a few changes, jumped up from the second page to first within 30 minutes. Of course many other factors come into play like external links pointing to your video to pass on the PR (page rank), comments, ratings, views, etc.
I would suggest anyone who wants their videos to rank better to take the advice listed in this thread.
Good stuff!