And it needs to be dead simple to use. It will happen; it's just early days and people like Jon Udell are leading the way!
If we want media content to flow naturally on the web, the first and most obvious thing to do is publish the stream URLs. The second thing is to put some simple authoring capability into the player. It needs two new buttons: Start Clip and End Clip. When you click Start Clip, it notes the start time of a clip. When you click End Clip, it notes the end time and gives you the URL of the clip.
It's no wonder that David is a "frustrated consumer of media." We deploy AV content on the web in a style that emulates television but is antithetical to the web. I'd like to change that.
Update: David responds, noting that the media URLs are, indeed, published. Cool! That means that some of the painful procedure I outlined, which is so often necessary, isn't needed in this case. David also notes that, in addition to making AV content on the web less TV-like, we need to make TV more web-friendly. Absolutely right. We ought to be able to annotate and filter TV in a collaborative way, just as we already do easily with textual web content, and can do painfully with web AV content. Because the mechanisms of annotation and filtering enable detailed measurement of what we attend to, business models will certainly emerge that can sustain all these forms of collaborative filtering. What exactly those models will be is, of course, a question of intense interest to many people.