My video camera won't work with our computer, but I have a couple of good effects that I have been testing and creating for months and I would like to send them in to theory11. So, will it hurt my chances?
While having a video is not necessary, it does help as it visually depicts how the effect plays out. I believe the saying -- as stated by James Bond in 1878 -- is that any video is better than no video.
However, if you don't have a video, it's not like your submission is going to be ignored and tossed away. If your submission is that good, I'm sure you'll be notified about it.