It must have been announcement day over at the GooglePlex, but they released the Google Video player, which:

• Watch videos downloaded from Google Video
• Browse scenes within a video using thumbnails
• Skip to anywhere in the video, even if that portion hasn’t downloaded yet
• Sit back and watch videos in full screen mode
• Resume video downloads automatically

The system requirements seem pretty meager:

• Video card with at least 16 MB of RAM
• 1 Ghz or faster processor

You can read a little more here or just go ahead and download it.