This sneak peek of the Content-Aware fill in Photoshop was posted at Jack Nack's blog. This goes beyond awesome and clear into magic.
Will this be in CS5, or does "future version" mean CS5+? What about Premiere? This would be an amazing feature for Premiere as well. Suddenly I'm excited about CS5...(though I don't have my hopes up for it in Premiere.)
UPDATE: A friend suggested that video would be harder for them to process, and sure, that's true. But video is really a sequence of still frames, so you can think about it as just editing a single frame, and then doing it again...and again. If worst comes to worst, you could edit the sequence in Photoshop if you had to. But to work well, you'd want it to take into account what the previous frame looked like, so editing in Photoshop probably won't be the answer.
But if they can do this kind of magic, I don't think it would be that much harder to make it work on a sequence!