Does Google Penalize Combining Text and Video Content?

Recently the question came up on how Google views  serving (creating and submitting) a word-for-word text transcript in place of a video and is it considered a negative form of cloaking which could result in a penalty?

In short Google does not consider combining video with a text transcript a problem as long as it is consistent, and it may be a good consumer benefit. You can view the Google video response here for more information on this subject.