Google just made their video search engine available today. Even though the database is made up only of the past month’s offerings from ABC, PBS, Fox News and C-SPAN, it’s very impressive — and as of this morning very fast.
The results are an image and a snippet of the transcript for each hit.
Downsides include no final video results; you get a 5 image story board with text instead and a small very small database.
Google has a high overview description on the about pages.
The Help/FAQ pages also give you a lot of insight into the transcript-oriented search. Nice features like title: and channel:

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