I've never used video, and I have hired people based solely on phone conversations, or IRC conversations -- but usually phone/irc followed by an in-person interview.
I can't think of any value of recorded video over realtime chat for anything except "create a video clip for me!" For a sales job involving in-person meetings with clients, a realtime video chat might be a bit better than realtime audio, but the difference is much less than the value of an in-person meeting.
For a developer job, I would consider this totally without value. "IM presence" and "how well can he explain something in words" (voice or text) would be worth vastly more, and "sit next to me and do this task and explain it to me" would be the ultimate test.