It's fair to say at this point that youtube does need some stronger competition to keep it honest.  Particularly after the recent fuss about either removing videos by indie music publishers or stripping their advertising from videos.  It seems they've backtracked from that idea now due to the public outcry that ensued, but it's not an encouraging sign either way.  I'm only about a third of the way through reading the site, but it sounds like it's got potential.