Recently, I've been playing the the Replay editor in Team Fortress 2. It allows you to edit a video together from a round in a game of TF2. Not only can you see the round from your perspective, you can switch between the views of any player or go with a free view camera. once you've edited the video, you can render it out several different ways. The editor even allows you to upload the video directly to Youtube from within the game.

The most interesting part is the transition of gaming from simply playing to playing and then taking the gameplay and then remixing it into new content.

Valve, makers of TF2, held a contest called the Saxxy Awards, for the top videos in 20 different categories. Winners of the Saxxy received an actual golden statue in game for use. This blending of gameplay and community is exemplary.