Works great for me, although I had to make some changes before thumbnails started working.
For the reviewers above, a small fix will help get the Thumbnails working:
The url for the Thumbnail lists /images/images/video/1/.... instead of /images/video/1/.... So we have to remove the extra /images directive
File: /modules/mod_latestvideo.php
Change Beginning of Line 55 FROM:
$html .= ' thumb.'"
TO:
$html .= ' thumb.'"
(Basically we are removing the extra /images)
Change Beginning of Line 59 FROM:
$html .= ' thumb.'"
TO:
$html .= ' thumb.'"