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MSN has just rolled out the next version of MSN Video at next.video.msn.com. The layout is remarkably similar to Soapbox, the site that's currently down while copyright protection is installed.
That said, Soapbox didn't appear to get much traction: perhaps it would make sense to just use Soapbox as a test site for new features before they're merged into the much more popular MSN Video site (and perhaps that was the plan?). Features include tagging and full screen mode, and you can browse clips while the video is still playing.