Actually, Google bought JotSpot, and is working on their own Wiki serivce as we speak.
For the system to work, players at multiple levels would need to get involved. Broadcasters would need to add identifying watermarks to their broadcast, in cooperation with copyright holders, and both parties would need to register their watermarks with the system. Then, in the event that a user capped a broadcast and uploaded it online, the scanner system would eventually find it and report its location online. [...] Generally we've laughed off most watermarking solutions because they seemed like solutions in search of a problem. Now that Google has learned the hard way that content owners want to be paid when their content shows up on YouTube, we may see more of these "solutions" in the future.