YouTube has finally announced their developer platform which is the best thing that can happen for online videos, these API's give direct access to YouTube infrastructure and no need for people to have a separate hosting, now developer's don't need to pay for storage of videos and no hassle for conversion because this platform gives people the power to host their own Video sharing websites without paying for anything.
The new API's can be found here.
The best thing is you can have your own branding, the page views are yours, the video is yours and the only thing is YouTube will display ads around the video thats it. But still that should not be a problem because anyways you are getting too much for free. Oh yeah you can even have your own cool video player which is not going to show any youtube branding. What else do you need for free ? Google Shares ?
And lets not forget YouTube is also having High Quality videos now and even Mobile access even though its limited but hey its only going to get better.
So go fireup your IDE and start making your own video sharing website.