This sounds like a great idea! We now have the problem that videos are exclusively linked to the home page News sections, if I'm not mistaken, which means that they lose prominence over time.
Splitting up the server to have dedicated hosting for videos sounds like a very wise decision too, to spread the workload and the risk of takedowns.
Perhaps even more so than with the Gallery, we've seen the number of MITM-related videos and audio fragments (trailers, promotions, behind the scenes clips, interviews) on relatively stable sites decrease, because production or distribution companies, or first-time fans have lost interest, and popular video streaming sites like YouTube, Megavideo and Veoh maintain extremely strict copyright regulations.
We can't make up for all of that, but it would be awesome (and fun first and foremost) if we could work towards that goal of archiving and showing clips that (ahem) deepen our appreciation and knowledge of all things 'Malcolm'