While not technically new, the genre/medium of machinima remains largely unexplored (and underexploited), with a noteable exception of MTV's Video Mods show the channel uses to promote its music.
"The term 'machinima' concerns the rendering of computer-generated imagery with ordinary PCs and the 3D engines of video games (typically first person shooters) in real-time (on the computer of either the creator or the viewer) rather than offline with huge render farms."
--Wikipedia
The genre has been helped by the release of Electronic Art's "Sims 2" with a a built-in stream capturing feature. It is expected to be futher boosted by the upcoming The Movies game that will put players into a film director's shoes.
More:
An two-year old article by Wired gives a pretty good intro into the genre.
Machinima.com is an info portal on, well, machinima.
There's even a film festival run by Machinima Academy of Art's and Sciences.
Red vs. Blue is one of the more famous machinima series.
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