There are certain photo correction tools that should be available for video too, like 90-degree rotation, colour correction, cropping and face recognition. For the most part, the only difference between working with video and still photos is the time element. A video is a long sequence of still frames that can each be processed or corrected in turn. For some tools, like cropping and colour correction, you might need to be careful to apply the effect to only one scene at a time, which does complicate things a lot. Still, I think it's about time some of the simple photo correction tools made their way into amateur video editing tools too, like Google Picasa (which can already rotate video).
Mokalus of Borg
PS - I'd be surprised if Google were not trying to do that.
PPS - I'd also expect it to take some time to do right.