Chris,
I think that it somewhat depends on what you are offering. If you are in the portrait biz or do weddings that have formal portraits, there is some expectation the you are going to bring out the best, maybe be a little or a lot creative, and use some tools to create a more memorable looking final offering. If you are doing reportage type work, your efforts may extend to external controls, e.g., controlling lighting and background and composition, but not altering things much beyond what you mentioned (WB, exposure, sharpening, and things that are more or less process corrections, and not major changes).
Removing or leaving the wrinkles is a tough call sometimes. A B/W shot of a craggy old gentlemen with more miles than years might actually benefit from enhancing the wrinkles a bit more, while a bride might appreciate a bit of an eye lift or smooth out those laugh lines just a bit. I think it always worth asking the client just how far they would like any retouch efforts to go. Having dramatic before/after shots are ways to give them some idea of your skills and offerings.
If you are doing this purely for your benefit, and not as a business, then consider any of it "artistic license" or something ;-) (Some things you do not do....like removing the signature mole from Cindy Crawford's face. I once did a bit more retouch like that and the client was upset with one rendering, because it took away important characteristics, like a mole. In other case, just lightening the wrinkles and smoothing some pores is most welcomed, and does not significantly alter the image.)
Always pays to know your purpose and your client's needs, then deliver what you are comfortable with.
LJ
P.S. I think the videos are just those kinds of things. The one you posted is really almost more a commercial for the guy, showing how he can make ordinary more extraordinary. The second one Jack linked to was more an example of taking things to total extremes, and in a sense was also a commercial about those skills and abilities with Photoshop. Neither were as much about photographic technique, but both were about presentation of a final "image".