This program is for blogs and websites, not for watching videos like on YouTube, Amazon doesn't have a portal for the uploaded videos, but who knows maybe in the future.
The video must not be longer that 10 minutes and larger that 100MB, no two products can appear within 10 seconds of each other, videos that are obscene, or contain violence and nudity are not allowed, you are not allowed to show phone numbers, mail addresses, URLs, prices, or shipping information.
You make money from the referral fees, like before. So you can't use Amazon to promote your blog, you can use it only to sell stuff. Like any other type of ads this will work beater if you show products that are related with the video content.