In my K12 Online 2009 Conference presentation, I'm describing the use of the free VideoAnt tool developed at the University of Minnesota for adding annotations to students' videos.
My 20 minute presentation includes a description of the purpose for using VideoAnt as an annotation tool. For longer versions of this material, here's a tutorial on using VideoAnt and my compete annotations to the entire student video about a student who enters into an alternative world of different music video productions, not knowing how to break out of that world.
Teachers can also use VideoAnt to provide feedback to videos of students discussions. Here's my annotation feedback to a group of preservice teachers' discussing a poem: Part 1 of my feedback and then Part 2 of my feedback.
In addition to using VideoAnt, teachers can also use VoiceThread or Viddler for providing annotations to students videos.