The short answer is yes.
The long answer is that the success of the soon-to-be-released Flickr video depends largely on how much the company borrows from its photo hosting roots and innovations.
While YouTube and various other video hosts I partake in are fantastic for content, the films many people capture on their digital cameras tend to have no editing or post-processing whatsoever. These same videos can be a hell of a lot more interesting when put into context, which is where discovering videos on blogs or people's personal sites can bring a little more to the table than simply plopping them in with the other mass of videos on other hosting sites.
Flickr's popularity, in part is because of its community who are incredibly active and fill the site with a massive amount of content. However, the site's development has remained somewhat stagnant, which is where the inclusion of videos is the single biggest change since its inception. With that imminent change, there's a lot to talk about regarding how video will play into Flickr's current structure.What Flickr does right
Let's start out with what Flickr video needs to have compared with features the site already has for its photo service.
1. Interestingness: Flickr's killer application is the "interestingness" algorithm. This automates the process of discovering some of the very best photos on the site simply by keeping an eye on natural user activity. If the same thing could be applied to videos, we'd have a much richer selection of naturally popular clips to view without any sort of special voting system or editorial control.
2. Organization: This includes things such as sets, collections, and tags. While nearly all the other video hosts have these features, Flickr needs to let you mix in your video with related pictures from the same set and do it seamlessly. At the same time there needs to be a way to separate photos from videos and browse each type of media on its own.
3. Push video to the API: Another reason Flickr got huge is because the public API, which lets all sorts of services tap into the data and make changes from outside of Flickr. YouTube just released its advanced API and it's the way of the future. As we've seen with services such as Digg over the past year, the results can be exceptionally cool if you let people create tools with your data.
The only thing that keeps me from thinking the company will do this is its stance on letting its members use Flickr as a host without linking back. Flickr may decide to let videos be shown offsite, or without any of the branding, but there may be strings attached--like a branded player with ads.