Also, cynical as it may sound, I assume the rise of a popular, successful peer-to-peer YouTube alternative would, in the US at least, result in the passage of even more consumer-hostile legislation, think "three strikes"-style anti-torrent laws with actual teeth (e.g., rather than requiring ISPs to make mostly idle threats to cut off Internet service against their own interests, imagine if ISPs were instead empowered to collect fines resulting from default judgements against repeat infringers, with a percentage of each fine collected paid to the ISP).