Good points on the text content but I have to disagree about link underline - I don't feel the current convention is to have links underlined. Certainly not when linking within a site's content which you basically are (it is still your content).
Underlining text has issues for readability
Interestingly smashing magazine have addressed this by making the underline more subtle ... I think this works well (other places use dotted lines):
The truth is that Google aside, you see underline less and less on the web. I think this is mainly for aesthetic reasons. Ask most graphic designers they will say the same. This has become the convention. Underline creates too much data ink. It looks noisy.
Instead some sites use underline on hover as this site does (StackExchange) and Apple. Not really sure of the value of this as by that point presumably the user usually already has an intention to click (interested to know what others think).
Most web sites use a color shift to indicate a link and the color chosen depends on the graphical conventions on the site. Facebook made a good choice in choosing blue as their signature color as Google state they have run the definitive test which finds that blue links are clicked on more often).
My personal rule of thumb on web sites is to make everything that is clickable the same color (e.g. buttons and links) and that will be one of the key colors of the site.
In webapps it can get more complex. For instance as I note on StackExchange some sites attach different functionality to different colors e.g. grey text are links to functional parts of the web app and blue are links to content. As ever you have to design for your context/complexity.
So for this example I would simply highlight the title text of the two links in Orange.
Adding a play button on the images is also good idea (as suggested by PhilW's comment below). Lots of research shows that people tend not to read text but do play attention to images.