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I’m not sure if this is real, but this video of a stable diffusion powered video editor was posted on Reddit a couple weeks ago and looks insane: https://www.reddit.com/r/MachineLearning/comments/wmypmh/a_d...

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I'm not as excited by the demo as you are. It seems that they just detect foreground, key it and put an arbitrary picture (in this case from stable diff) on a skybox behind.

It seems closer to what Mac OS X Leopard's Photo Booth was able to do 15 years ago[1], than to a "Stable Diffusion for Video".

[1] - https://web.archive.org/web/20071018033504/https://www.apple...

For object/background replacement one can use EBSynth[1] and combine it with in-painting of DALL-E2 and Co.

[1] https://www.youtube.com/watch?v=Ki9NVyD3It4

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