That’s right, we have video. The ads are pretty much the same as in the US, only with UK cultural things in place of the US.
For example instead of the video of the iPhone surfing the NY Times, its surfing The Guardian. There is also a gentleman with a UK accent doing all the spoken parts.
So, just a reminder, there is no 3G iPhone. Also, Apple went with O2, so that gives them room to expand to 3G should they choose to.