Having the best text content is still of major importance in the world of SEO, but multimedia (which is usually translated as “video) content can be used to boost your search engine results too, if you go about it right.
Your best strategy is to use original video on your site. If you do this, you may want to consider using a service that lets you include keywords and title in the embed code so that the search bots can find it more easily. Veeple (veeple.com) is one such service. Barring that, however, you can embed video from other sites, as long as you add value to that video by including related, original content such as a transcript or a review of the video.
Using original video or adding value to non-original video is the best bet for cracking those elusive first page Google “Video results for (whatever)” spots that you see more often these days.
With text, images (properly tagged) and video, you can pursue a more comprehensive approach to search engine optimization, and a multi-pronged, well balanced strategy is going to do the most for your site over the long haul.