No, they're not the wave of the future, unless of course you are going for an on-air reporter job or actor/actress then they might be relevant. Otherwise, no, all they do is show how comfortable you are in front of a camera, something that has no relevance for 99% of jobs.
But, the main reason, for me anyway, is that they are simply not an effective use of time. I can screen a resume in seconds and determine if I want to know more. Watching a video just takes too long, time that could better spent doing other recruiting activities.