No video, but does have B/W capability. The camera contains 4 B/W filters (yellow, red, green, orange (?)). I'm not sure of the 4th one. It also lets you shoot in tones (sepia, purple, green). These are mainly beneficial if you shoot in JPG format. All of this is set up in the camera menus. It's fairly simple, but does require a few button presses to get everything set up. And then you need a few button presses again if you want to go back to color. The manual explains how to set this up.
If you shoot in RAW, then you may want to try the RAW editor that comes with ZoomBrowser (on the software CD). This is the only editor I can find (so far) which mimics the internal camera settings for B/W. So, if you shoot in RAW, it doesn't matter how you shoot the picture. You can use the RAW editor, flip the switch for B/W and quickly see what your image will look like with the varying filters. It has been really handy for me. Although, I now just use Raw Shooter Essentials (RSE from Pixmantec - http://www.pixmantec.com
) for RAW shots.