I saw / read in early promotional materials that the audio content of each video would be indexed for more complete search results. Does this mean something like a transcript would be created and stored automatically? In our current system, we store full transcripts in the back end that are searchable, so we would need the same functionality -- automated or manual -- in a replacement platform.
Yes, you are correct, we will be indexing the video and automatic transcripts will be created. Here is a link to the video and slides we presented at Ignite and this talks about the Media Intelligence capabilities - https://myignite.microsoft.com/videos/4972
This complete experience is still in development and things might look different from the video above.
However, I would love to get a deeper understanding of your scenarios and how you are using the full transcripts, so if you have some time to engage, please email me at ashishc microsoft com and I will setup a call for us.