The Web version is similar to the iPad and iPhone app. You can scroll through and view the videos that are in your social streams - shared by you and your Twitter followers, Facebook friends, YouTube network and so on.
The browser-based version lacks the rich browsing experience that you get with the iPad touchscreen version. You can arrow up and down your stream, but it's not quite the same.
But with the other new features added today, having a Web version makes a lot of sense. There's now a bookmarklet that will let you share videos from YouToube, Vimeo, and TEDTalks to ShowYou, as well as to Twitter or Facebook.
Even better, you now have the option to "Watch It Later." As you're browsing the app (or the Web if you're using the bookmarklet), you can flag videos by pushing the + sign icon. You can then keep a list of videos to watch later - when you're at another device, perhaps, or when you have a better network connection.