Andy Plesser of Beet.TV let us know that he has tied up one of the first arrangements for a revenue share with Google Video. You can see an Allstate Insurance ad following a clip of Plesser interviewing Chad Hurley (second video in this post).

Google is being much more straightforward about the terms of the video ads than it is for AdSense. Of course, this is not an automated video ad program like what we’ve been expecting from Google. Plesser says the ads are bringing in a $15 CPM, split 50-50 between him and Google.

Plesser writes in an email, “It’s not much money particularly as I have a vertical site with modest traffic but it’s a start. For me, more substantial immediate revenue will come from sponsorships — I will book about $5K this month.”

Robert Scoble also posted on this.

Plesser’s newest clip is an interview with Om about NewTeeVee, but it doesn’t have an ad attached. (C’mon, this is a Valleywag hottie we’re talking about!) Plesser says he expects ads will be included with all his clips within the next few days.