There's no question about the value of the content youtube has accumulated. It's their stewardship of it that worries me.
I can't imagine trying to administrate / police all of the people / content on youtube. It's an impossible task. There are hundreds of millions of users with thousands of hours of content being generated every second of every day. It also cost more to run than it generates, so it's practically a public service. I wish there were more customization for recommendations though.