I've seen in the forum that you're able to transfer to an older model iPod via firewire, but I haven't seen anything about being able to transfer to a newer video ipod through the USB 2.0. Is this at all possible?

Plus, how awesome would it be if somebody developed some ipod software that allowed you to browse and playback the clips that you already transferrred to it.

It would be awesome for what purpose?

At 320x240 and heavily compressed h.264 or mp4, it wouldn't look very good. In addition, encoding to either format with a dual or quad process takes forever.