TechCrunch explains what might soon come to YouTube via this acquisition:
The service lets users annotate videos, mash various clips up, and synchronize Slideshare presentations to videos (great for conference presentations). Omnisio users can extract sections of clips they find on the web (currently only those on YouTube, Google Video, or Blip.tv). They can then take those clips and stitch them together to form new, embeddable compilations.
Want to see Ominisio in action? Check out the embeded video below.