Sure. Here's what I've tried.

When I do a Preview and check the file mov_1931.mov in the Original Footage, it matches the rule, but isn't renamed.
If this rule were working, then it would rename mov_1931.mov to Original Footage.mov, right? I actually want it to be renamed one subfolder UP from it's current - so mov_1931.mov would be Dogs.mov.
Also - I know I'm doing this wrong - I don't want to do it by file extension, but that was the only way I saw that would do it. I want every file I drop into in Dogs/Original Footage/ to be renamed Dogs.extension.