I am sorry to dissapoint you, but 'suggestions' algorithm can go a very complex path. As I remember, Amazon were first to expose the efficiency of complexing such algorithms.
On the other hand, if you are looking for something simple, you are on a right path. In addition, you could add weight to suggested videos based on how many times they were viewed.
P.S. If you are really interrested in how recommendation algorithms are being done on popular websites, consider reading some research papers: http://scholar.google.co.uk/scholar?q=recommending+products+algorithm