If you're the kind of person who spends a lot of time wandering around the less reputable sections of the Internet, you're probably familiar with The Pirate Bay. They're the largest torrent site on the Internet. Over the years they've been targeted by a wide variety of corporations and governments who want to see them shut down for illegal file sharing. Despite the slings and arrows they've suffered, the Pirate Bay is still alive and well. In fact, they've just expanded.
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There have been rumors for a while now that TPB was working on a YouTube competitor. It's seemed mostly like vaporware until very recently, when the beta site went online. The Video Bay has a lot of potential to be seriously cool. The Pirate Bay people have a massive, built-in fan base who will flock to this new site and give it a huge, early burst of popularity. Don't expect very much from the site right now though;
“This site will be an experimental playground and as such subjected to both live and drunk (en)coding, so please don't bug us too much if the site ain't working properly.”
There are quite a few big issues with TVB right now. Unless you've got a deep and abiding love for troubleshooting, I'd wait until it gets out of beta. Bookmark it and make sure to check back regularly.