While you make a good point, I think it's safe to say that Youtube is quite a lot more significant for the average person than facebook is.

Say that I wanted guides or tutorials on fixing something in my car, in-depth steps for making a certain recipe, or even programming courses. Youtube is easily one of the best resources for all of these and everything in general.

Saying to write-off one of the internet's best tools just because they've pushed out mv3 seems like giving up too quickly for me.