It is a carnaval of sorts. You create and upload the video to your blog or web host. You place a link in the Yahoo Videoblogging Group pages. Or you can use #vlomo2011 on Twitter.
In addition, I have set up a kind of tracking page on Tumblr at http://vlomo2011.
I don't know how many people will participate. It could be a few. It could be a lot of people. But with the bum rush of corporate and monetizing video being slugged up it would be nice if the bloggers, vloggers, independents and those that chuck a video up once in a while could have a place to show their stuff.