Keep in mind with canvas you cannot really modify something once you've added it. So each frame of a video would be redrawing the whole thing. Not sure if it's meant for that.
I've been thinking of using it for one of my websites that has graphs though. Rather than try to use a 3rd party graph library to produce png images I could just use a canvas.
My response was tongue-in-cheek because I don't really think this OP is legit, although there weren't obvious reasons to remove the post. We'll see.
But now that you've mentioned it... I looked into using canvas for a drawing project, but ran into the limitation you described. Once stuff is added you can't get any information about it. You can't extract markup that describes how the canvas is populated. It's basically a fire-n-forget drawing surface like a display buffer.
Instead I started looking at scalable vector graphics. SVG solves exactly these limitations, and has good browser support and a jquery wrapper.