I think this is a great idea for any librarian or teacher with creative kids and a video camera. All the details are available on their website, but basically a kid makes a video reviewing a book they've read, the video is uploaded to teachertube.com or YouTube.com, and then submissions are judged and the winner announced. But more importantly, kids are involved with creating something that is their own.
And this idea goes along with my "Information in Context" push, in that any video created can be embedded back into the library's website to showcase the kids and their reading - and hopefully encourage more kids to read and review books. If you are able, make a video and enter the contest. Or, at least keep tabs on the entries - last year's were quite entertaining.