It's sorta like youtube meets IRC, isn't it? :)

Things that I wonder about:

1. where will you get the actual video content from?

2. I think that voice would be better for this type of stuff, atleast with friends. Typing is slow and not that interactive.

3. Have you thought about focusing on educational videos? Those strike me as the best candidate for group watching because discussing actually makes more sense than during, say, a movie.

4. So what's the deal with the name? :)

5. The design needs work. For example, I found the voting process to suble.

I too have thought about making video's more social but honestly I'm not sure what the value is in adding chat. But maybe the idea needs to be fleshed out more?