Pretty cool. It's similar to that blog page; only you can watch videos from other sites.
It doesn't work with ALL video sites, but it works at least.
Go to "How to" on
http://www.videohamster.com/ipod/#_home.
Here's a sample video:
(PS: slightly "adult" like example used in video)
In my opinion, it's a little better then iTransmorgify.