I think they just haven't finalized pricing yet. I guess they thought it'd be a good idea to announce it ASAP to get the collection going, even before the details are finalized. I PM'd Alex and asked him for more info and got a decent enough idea of what the commissions will be like to UL some.
I'm waiting to see how many are acceptable to them before UL'ing my entire port. I've read posts here of entire photo batches being rejected there. I'm certainly not going spend the time required to UL 100s of videos only to have them all get turned down.
I was hoping they might have a separate video queue which would get reviewed quickly, unfortunately that doesn't seem to be the case (unless it got overwhelmed by video ULs, which is possible I suppose).