http://blog.highlightcam.com/post/176798199/highlighting-now...
Camera motion is no longer considered "interesting" unless there's other motion against the static background. Works especially well with jittery cameras and panning security cameras.
I think Objective-J is one of the more notable YC-spawned open source thingers:
Virtualmin is also a pretty big contribution:
It filters the boring moments well. The Animals and YouTube ZeitGeist examples opened my eyes.
Just for fun I tried to stump it with a video I had personally edited. See before and after: http://dl.getdropbox.com/u/1704650/hlcamtest.html. Pretty good result, all things considered.
Time to plug my own editing startup: http://videothink.com. Host any video file and I will personally cut all the boring moments and serve you the highlight movie. The site is very minimal now but it works.