We at are _generally_ a fan of "build" in the "build vs. buy" debate. Why? - Well for one we are techie geeks and we can build whatever we want. But video hosting is one thing we give up on!
We are moving all our videos to BrightCove. We've tried hosting our videos internally with a custom built Flash Movie player from FlowPlayer. It worked - well most of the time - and either because of the way we use it we never could get it to work consistently on all browsers/operating systems etc. This coupled with our rising bandwidth costs - we decided to go with a commercial video hosting service - Brightcove.
This actually fits in well with the other axiom - "Best of Breed" - we are good at hosting surveys. BrightCove is focused on hosting video content! The other free alternatives (YouTube, Vimeo etc.) are free of personal use only and not generally allowed for commercial use. We found that out the hard way! If you are hosting videos on an on-going basis, you would either need a commercial video hosting provider. Happy Video Hosting.