(I can only speak about Canon here as that's what I shoot.)
First, the movie modes on the new cameras are very good. The quality is the same quality that you get in the photos (as you'd expect by shooting through the same glass on the same sensor). It's really nice to be able to get a narrow depth of field in video. But--and this is a big but for total amateurs like me--the camera doesn't autofocus in video mode. Of course, you can manually focus (at least with a USM lens) and there is a re-focus button, but it does the standard range search focus (which, given that the mirror is flipped up, is very slow). You need to think about video more like you're shooting a show: shorter, more "fixed" shots (in terms of focus), rather than what you might do with a camcorder. (On a side note, I believe most Canon's limit to 12 minutes of video shooting per time due to file size limits.) I've not used video more than a handful of times on my 7D. Conversely, I know a guy who is a professional cameraman and has shot concerts with a 7D; he raved about the quality of the 7Ds video, over the 60D IIRC. (He did this very cool shot with a semi-broken LensBaby.)
As far as glass, what TheLaw says is completely right: good lenses will stay with you longer than a good body. I originally had a 350D and upgraded to a 7D, and all of my lenses came with me. (Well, except for one, as I went for an upgrade, but that would've been a big improvement for the 350D.) Something worth mentioning: if you're expecting to stay with an APS-C sensor ("1.6 crop")--which with Canon is anything but the 5D and 1D series--you can look at their EF-S lenses. These sit a bit closer to the sensor, meaning that they can be smaller (and cheaper) than an equivalent EF lens. However, if you ever move up to a full frame sensor, these lenses won't work.
Canon's pro-level lenses are the "L" range. They have a red ring around the front element. You won't see an EF-S lens tagged as L, but there are a few that are considered that level of quality. Notably, the 17-55 f/2.8 IS, to some degree the 10-22 f/3.5-4.5, and I believe the EF-S macro is well regarded as well.
Conversely, don't just consider quality until you really get to that level. Convenience is a big consideration. You'll see the zoom range that you'll cover with the 18-55 kit lens. It'll probably be less than your point and shoot, though I suspect it will be wider. Consider that it you want more zoom ability, you'll have to change lenses. When your going somewhere, you have to think: what lens should I bring? Should I bring more kit in case I want to change? An alternative to this is to go after an "ultra zoom" like Canon's 18-200. You get a wide angle and a telephoto in one. Obviously there are size, speed (in terms of aperture), and quality trade offs with this, but convenience is a bit element.
I could go on and on...