Marcelo has been working hard and we are approaching the milestone #2. We've set that the backend should be ready on the 26th and all major functionalities have been implemented. He's going to use the couple days remaining for bug fixes and minor improvements. Here's a short  (really short) report:

The Categories is running perfectly and it is fully integrated with Joomla!.

Media uploading and youtube integration need a few tweaks, nothing serious. Marcelo also added a nice "Preview" player so users can check their videos before publishing (or while editing).

Finally, the Review tab will allow administrators to view/write and edit comments. A simple and useful feature.

You are more than welcome to checkout Marcelo's project from the GSoC repository: http://joomlacode.org/svn/gsoc2008/JMultimedia/trunk/ , install the plugin, the component and submit your suggestions :D