Yes but does it seem as useful or as simple as the the Walls same feature? I think not. The main and most debatable objection i have with the way D7 get's developed is that i need the users to be easily able to do everything... but only in one way! That should help a site and a community be more learnable, understandable and operable!
Now uploading an avatar is a different procedure than uploading a photo, posting a video on a wall also has a different procedure than using the Video module directly.

I see more have another suggestion also:
4)Embed video populates fields from the Youtube page, why not have Sites do the same thing for sites?