I released the VIZZable suite of Max for Live VJ patches earlier this year. More recently Fabrizio Poce has released his V-Module video plugins and by a lucky coincidence both video suites are interoperable.
I've spoken to Fabrizio and we'd like to raise the idea of merging these projects and building a community around developing a big, open, suite of stable and powerful video tools for live.
Currently the projects are hosted here-
If we can get more people involved we may look at hosting the project somewhere else (google code, github or whatnot)
Chime in if you have any thoughts and please direct anyone you think might be interested in being involved in this project to this thread!