Just a personal blog entry - I might mix these in time from time.
I'm a pretty big fan of YouTube. My belief is that they wouldn't be where they are now if it wasn't for all of the copyrighted content. Since the acquisition, I'm not so sure that the copyrighted content is a big deal now - Google has been making it a point to pay the major studios in order to show their work.
What do I use YouTube for? Music. My "favorites" list is over 5 pages long, filled with music videos of my favorite songs. In fact, I hardly open my iTunes or Media Player anymore - I just log in to YouTube and startup the songs that I like. I'm going to continue working through my playlists and in an attempt to find even more music on YouTube.