Wordpress Announced VideoPress
How does it work?
With VideoPress, just upload a video, we’ll “crunch” it into several different formats just right for sharing on the web: DVD quality, HD quality, and even formats optimized for iTunes and Miro. Preview your uploaded video, then embed the video and publish your post.
Get VideoPress
1. Get a blog on WordPress.com.
2. Go to your upgrades page. (Which cost 59.97$)
3. PayPal your way to happiness.
Official Announcement on Wordpress: More on Videopress
What you get with video press: http://support.wordpress.com/videos/