Viddler

Viddler gets New Media Rights' nod for the most advanced (as of April 2008), and simply coolest social video website. It allows placing of comments and video comments in the video timeline, lots of tagging, and more, while being easy to use.

From the site:

Viddler is a fresh, creative web application that lets you upload, enhance, and share digital video quickly and easily inside your web browser.

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