How important is the /video folder?

I am just wondering how important the contents of this folder are.

We already have the /flvideo, so it seems like /video is just a duplicate listing. Will everything still play if I dump the contents of the /video folder, or is important to have both folders in order for everything to work?

To import files from a folder, you need to upload all video to

templates_c/import

Folder. Make sure you chmod 777 all files in the folder (uploded videos).