Cultural anthropologist Michael Wesch (Kansas State) has released an updated (and final) version of his video on Web 2.0: The Machine is Us/ing Us.
Really, a must-see (especially if you missed it the first time around).
Addendum: Wesch has also posted an introduction to the Digital Ethnography Working Group. Their goal is to study the "YouTube community" and produce short ethnographies about what they learn.
Each student has taken on a different core question (e.g., Organized Thought: Spread of Ideologies/Beliefs) and developed a research proposal.
I know of students here at Maryland who are studying political discourse in blogs, but haven't heard of anyone doing research on the role of online video in politics. Could be a fascinating thesis topic...