Do you guys visit YouTube? I do, and they sure did something right.
YOUTUBE viewers are watching more than 100 million videos per day, as demand for its "snack-sized" video fare surges. Article found by Abraham (copy and past it into browser bar):
http://australianit.news.com.au/articles/0,7204,19814222^15318^^nbv^,00.html 
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While it was started for very litle by three ex-paypal (ebay) employee's, YouTube is estimated to be worth roughly $500million as it is now.
There's also fears that YouTube will be the P2P of 24 hour music channels such as MTV, which is now trying to combat YouTube with their own online service.
The ability for YouTube users to easily search the movie database and pull up music video's of whatever they might want, which are free to view is what is causing losses to MTV and other such services like VH1 as the TV service would require that you either sit and wait all day for the movie to be played, or that you vote for it and hope it gets through.
YouTube is also a very good place to catch all your old TV shows (though in a less than great quality due to the compression), presentations and general comic idiocy, rather than Bevis and Butthead, which really wasn't funny.
It was unusual for the mighty Google to carry on with their own, similar service where they would have usually bought out the smaller company (Blogger, Writely and so on), though it does allow them to have tighter integration with their search engine technologies as implementing them in YouTube would probably require a fair bit of code hacking.
Current project: CMS Object.
Most recent change: Theme support is up and running... So long as I use my theme resource loaders instead of that in the Rails plug-in.
Release date: NEVER!!!
Some of the stuff in that post is what I read in a paper at work, such as how much YouTube is worth, but not all of it is, and it definitely isn't copied.
By suggesting that I copied that, you are suggesting that I'm incapable of writing such things, which is a bit sad since I had been in the top level for English, Science, I.T. and Geography in school.
If I'm going to use content from other sources, it'll be in the form of a quote.
Now, back to writing JavaScript for the editor in my CMS...
Current project: CMS Object.
Most recent change: Theme support is up and running... So long as I use my theme resource loaders instead of that in the Rails plug-in.
Release date: NEVER!!!
I didn't think about that Nuvo, good point. I don't know the traffic comparisons but I don't like the look and feel of http://video.google.com/ as much as YouTube. I don't think I would use the google site as much. Maybe Google missed out on buying YouTube while they were still afordable.