Being able to identify text in images and video would be an extremely large leap in search engine indexing technology. Being able to index the content of videos and other new social media would most likely either force a change in the way search engines have to build their SERPs or provide opportunities to build highly relevant image and video search functions that could generate significant relevancy from the text content within the media.
Clearly this would not be a complete solution for new service development, as many images and video do not contain text to index. Still as Duncan Riley at TechCrunch summed up nicely what I was thinking when I read Information Weeks coverage of this patent:
This will make every book in the Google Books database really searchable, with the next step being YouTube, Flickr (or Picasa Web) and more. The search capabilities of the future just became seriously advanced.