Sean Effel from drupaltherapy.com recently created an excellent Feed API + Emfield Recipe video tutorial.
He shows you step-by-step how to take a video feed from Blip.TV (or any other provider supported by Embedded Media Field) and aggregate it on your own site, videos, thumbnails, and all, automatically turning the remote videos into nodes on your site, ready for theming, comments, and anything else you want.