Other than being able to click on parts of the transcription another way you could use this service is to just read the transcription and not bother with the video. I think this is a great service for this very reason. When I was doing A/V at PyCon someone requested audio transcriptions of the talks and this would be a great tool to perform that very task.
Well, we do have an API and we're trying to pimp it out more. If you're interested, ping info@speakertext.com and we'll hook you up.
Would love to see this for lectures in iTunes and be able to skip around to get to the juicy parts.
Congrats Matt et.al. Been following your steady progress. Good luck in the days ahead.