For the 2007 San Francisco competition 62 teams entered, 60 turned in films and 50 of those made the 48 Hour deadline (and were thus eligible for competition). A lot of talent came together that weekend and the result was many entertaining films. Below are all of the films I could find posted on YouTube from the 2007 San Francisco competition - if your team has a film up there or on another site and would like a link here contact me at digitalindie AT gmail DOT com.
Of course, this isn't the first year of the contest (it's the 7th actually) and San Francisco isn't the only city in the competition - it's international with over 40 competitions in cities around the world, so there are hundreds of films out there to check out. If you'd like to see more you can find them online at the official 48.tv or the YouTube 48 Hour Project Group.
Enjoy!