When thinking social strategy don’t forget the 800Kg video gorilla in the room. The massive growth of Google+ means it is even easier to leverage YouTube (owned by Google) for brands. Most of the big ones are already doing it, are you?
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Here’s an article looking at the value of YouTube video views, but it can easily be generalized to general video (or any advertising really). I think it is a step in the right direction to be measuring post-ad actions and having some sort of engagement measure. The issue is that much like the terrible click-through-rate, any engagement metric will just mean that you’re optimising your advertising for that metric. So the first step is always to correlate (preferably causally) your engagement metric to revenue, otherwise you’re not going to be optimizing for the right thing.
Here’s a short summary of some recent research showing the impact on user behaviour of poor quality video experiences. Obviously, slow starts and poor quality will have a negative effect, but it is interesting to see just how fast that kicks in.