Mark Horstman of Manager Tools says to say no to video resumes as an applicant because, let's face it, you're not an actor. The goal of a resume' is an interview. Period. Looking 10 lbs heavier with bad lighting and not knowing what to do with your hands won't get you an interview! (I'm paraphrasing and embellishing Mark's comments so don't take it out on him if you look fat on camera.) If you actually are an actor, you're better off showing your body of work than building a video resume.
Execupundit agrees from the opposite side of the desk. Accepting video resumes as an employer may open you up to a discrimination claim. One of the key tenets of a paper resume is that it can hide age, race and even gender. (Yes there are men named Leslie and women named Sam.)
Video resumes remove that ambiguity and pollute the initial culling of resumes. Even if you do nothing wrong, you've opened the door to a discrimination suit.
So remember, videos are for You Tube, not for resumes.