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My users didn't like much to type the video tag ([video:url]), even some of them messes it up :P
So I came up with solution, to put an input box and a button above the text areas, where the user inserts the video link, and pressed the button, the video will be inserted into the text box at the correct place.
I've patched the 6.x-2.7 version of the module. Most of the code is base on the Smileys module!
I've attached a screenshot, the patch and the patched version of the module.
Please try it out, and see if it is necessary or valueable for this module. I think yes.