Recent advances in multimodal large language models (MLLMs) have expanded research in video understanding, primarily focusing on high-level tasks such as video captioning and question-answering. Meanwhile, a smaller body of work addresses dense, pixel-precise segmentation tasks, which typically involve category-guided or referral-based object segmentation. Although both research directions are essential for developing models with human-level video comprehension, they have largely evolved separately, with distinct benchmarks and architectures. This paper aims to unify these efforts by introducing \ourDataset{}, a new dataset containing thousands of challenging videos, each annotated with detailed, human-written captions and temporally consistent, pixel-accurate masks for multiple objects with phrase grounding. Our benchmark evaluates models on both holistic/high-level understanding and language-guided, pixel-precise segmentation. We also present carefully validated evaluation measures and propose an effective model architecture that can tackle our benchmark.