Personaly I hope this is a small step towards a open video portal (purhapes with strict limits on uploads to stop a flood)
I know many might say "thats what youtube is for", but youtube is terrible at finding new content.
Newgrounds, by comparison has probably the best content filtering system on the net - completely democratic yet (lets face it) 90% crap goes in and the 10% good stuff floats to the top.
You tube, by comparison, if you dont know what your looking for its hard to find any good shorts or shows.
Theres alternatives like Blip.tv , of course, which does a good job of keeping the quality high - but their search and promotions are 100% done by staff. Its very much a dictatorship.
Newgrounds (imho) would be the best of both worlds, imho.