You and I see a single site where you can go and find movies people have uploaded to YouTube. The MPAA sees a single site where they can go and make their DMCA requests to YouTube. I question how long this will be useful.
http://latest.pegleg.it/post/46983349526/pegleg-and-copyrigh...
Also, it's up to individual rightsholders to submit DMCA requests not the MPAA (as far as my experience goes). If you look into how fragmented rights ownership is in the film industry, you'll soon realise how unlikely it is that the site dies because of DMCA requests.
In summary, he thinks that the elastic nature of films being added and removed is what makes the service fun.
He's posted his full thoughts on this here: http://latest.pegleg.it/post/46983349526/pegleg-and-copyrigh...