Twitmatic, created by San Francisco startup Ffwd (pronounced “fast forward”) debuted a Twitter video search in March. Twitmatic makes it easy to call up the videos linked from Twitter posts. The application creates automatic channels based on Twitter’s “trending topics” links, and allows users to make their own channels.

Ffwd founder Patrick Koppula, who previously founded the online music service iLike, said Ffwd’s plan is to sell ads targeted to Twitmatic’s channels, much as Google targets ads to search results.

On Tuesday, Ffwd rolled out Version 2 of Twitmatic. A press release from Ffwd details these enhancements:

• Users can now login to Twitmatic with their Twitter credentials, allowing them to follow/unfollow people without leaving Twitmatic, as well as Favorite a Tweet/video and access it from the Twitter Favorites list later.
• Users can now input a search term into Twitmatic, which pulls all back videos for them based on the search. One of the best things about Twitmatic is that the more people search, the better the index will be and the faster the results.
• If logged into Twitmatic with their Twitter credentials, users can save their searches as channels on a new left-hand navigation pane and come back to them in the future.
• Twitmatic constantly checks for new video results based on the channel the users is viewing; when new results come in, the user is notified via a message on the page and can simply refresh to see the new videos.
• A Video View and a List View, giving the user choice in how they want to see and respond to incoming tweets. And yes, users can now Reply to tweets in Twitmatic.
• Twitmatic now has a Back button that allows users to review videos they’ve already seen in the current session.

In addition, Twitmatic can handle most online video content, because not everything is on YouTube.