While this Whiteboard Friday video is mainly a history lessons there is a lot of very good information here. Being able to see how search has changed offers great insight into how things run now and an idea of where things might be going. The biggest directly useful information is about how social and entity search is progressing. While links may still hold the most power at this point these are important indicators that are likely to get more and more weight.
Entity search I think is the most interesting part of this video. It discusses how search engines are learning to identify things as entities, such as Obama in the example, rather than just combinations of letters. This allows them to make better connections in information between search queries, intent and results. Many of these results for basic information is displayed directly in the SERPS. The most important take away here is that it is increasingly important to create content and focus on information that Google can’t provide.
The shout out to PRISM at the end is also a very nice touch of humor.