Interestingly, they announced it quietly, on the Facebook Site Governance page, with a post called:
This post talks about what they are doing and why, as well as asking for user feedback.
When you click the Videos link, this is what you see (a bunch of words/links, but no video screens):
I am sure they will be improving on it, or I hope so, at least!
When I first landed here, I thought I'd see video screens to view, so I began to scroll for them. Then, I realized FB was just providing links to the individual videos. Why not put screen shots of the videos up?
Even Worse: They gave the video titles like Learn More 1/3, which don't tell what the videos are about. But I clicked and this is what I got: