I tend to watch music videos for a good sense of the state of the art in FX and editing - what you see there will get to feature films about two years later.
If you want the same kind of insight into Machinima right now, I recommend you watch the world of Baron Soosden, combining World of Warcraft, Unreal Tournament, Half-Life 2 and some truly spectacular editing using Sony Vegas and After Effects.
Seriously, this stuff (particularly his latest videos, I’m So Sick and Unlimited Escapism vol. 0 ,) is just amazing. Incredibly high-quality work for video editing as a whole, never mind just Machinima. Not particularly narrative, but technically stunning. He’s one of not a lot of Machinima creators whose new work I immediately watch.
Check it out.