Google Video's homepage has been redesigned and now focuses on trends and rankings. There's a section for hot videos that includes the most blogged, most shared and most viewed videos. Movers & shakers continue to include videos with a growing popularity, while the recommended videos continue to be uninteresting or already watched.
If you expand some of the sections, you can see a daily/weekly/monthly archive of the most popular videos. Unfortunately, I couldn't find the feeds for this useful data.
Google Video doesn't intend to remove the video hosting feature. The homepage shows videos recently uploaded to Google Video and each search result page includes a link to the upload form. There's also an option to restrict your search to videos hosted by Google.
The homepage still doesn't communicate that Google Video is actually a search engine. It's surprising to see a search engine promoting videos from AOL on the homepage, showing enhanced features like the inline player only for YouTube and Google Video and being so biased towards YouTube and Google Video when ranking search results.