VideosTone allows you to assign designated video ringtones to individuals on your contact list. Customized video ringtones are under development and will be made available at iFontec.com.
Currently 1.1.x firmwares are supported; however, a 2.0 version is in development.
VideosTone is free software; however, some advanced settings may be pay for use.
You can also create your own video ringtones and upload them for use. A tutorial on this will follow shortly. For now you can use the http://app.ifonetec.com installer source to try this application.