Twitter should have never gotten the contract at all, because they don't have a video client that runs on my television. Facebook doesn't either, and that's why Facebook shouldn't have gotten it either.
Watching video in a browser is lame when I have 55 inch display literally feet away. I want my content there. That's where I watch OTA television, Netflix, and Hulu. If you can't provide it to my television, you've failed. (Yeah, you can hook your computer up to your screen via HDMI, but it's janky as hell, and a horrible experience. It's the 21st century equivalent of taping a magnifying glass to your television and calling it a "big screen" http://www.tvhistory.tv/TV-Magnifying-Lens.JPG)