When someone submits a video, it appears on the Incoming! page and if people like it, they can 'bomb' the video, which adds it to their favorites list. If enough people bomb a video, it will appear on the front page of the site.
A big reason we created Video Bomb was to work with DTV, our internet TV software. You can watch Video Bomb videos in DTV and soon you'll be able to bomb videos from within DTV. Together, Video Bomb and DTV are the best way to share internet videos with friends.