Which imo is looking increasingly likely.
Vimeo is one competitor which seems to already be growing like crazy for example.
Youtube has lost their total dominance. Youtube is no longer the be all and end all of online video. Vimeo started off capturing business videos from youtube as they looked more professional, now they're capturing the indie filmmakers.
I said they need to be careful about not pushing YouTube into MySpace territory, not that they will. Nor did I say Vimeo are the next YouTube. You could see the video market fragment as it's not all or nothing as Social Networks are.
And who cares about the quantity that gets uploaded to YouTube, you know most of it's long tail junk. It's where the viewers go, not who has the most crappy video of their dog rolling around for a tasty treat.