It depends what you want to obtain. The video implementation that Adobe provides allow to automatically populate specific reports and metrics. Using the video heartbeat is even better as no custom variables are used.
I did a project not so long ago where the customer only wanted the video details and the metric start and complete and was running low on eVars.
On the start of the video I used custom link tracking to send an eVar with the following format as value "Video Name|Video id|Video start" and an event for start.
On video complete I send the same eVar with formart "Video name|Video Id|Custom duration" and an event for complete.
I also create a rule builder classification to classify automatically the eVar values.