Dallas Mavericks owner and former Broadcast.com owner Mark Cuban, thinks that YouTube is doomed.
According to Cuban:

Youtube’s rapid ascension to the top of the traffic ranks can be attributed to two and only two reasons:

1. Free Hosting from any 3rd Party site
Hey, why pay for bandwidth for a video if you dont have to ? A blog, a myspace page, an email, any website. Just throw in some html in Youtube.com foots the bill for bandwidth. Sure you are limited by size of file, but so what. Just chop it up into parts 1 through N. Its fast, easy and free.

Come to our website and use our video hosting services, we can party like its 1999 all over again !

2. Copyrighted music and video.
I dont have a count, but i bet Daniel Powters’ Bad Day is attached to some video snippet of every sporting event ever played , with links sent to fans of every losing team. PIrates season, You had a Bad Day. Spurs vs Mavs. Mavs vs Suns, Mavs vs Heat, Yankees vs Red Sox, etc, etc, etc. Bad Day, Bad Day , Bad Day. If Daniel had a nickel for every time his song was used in a YouTube sports video, he would be a much richer man.

While Cuban has a couple of good points, he underestimates interest in hot chicks doing stupid sh** (HCDSS), and in fact, the genre of people doing stupid shit in general. A quick look at the most popular videos at YouTube shows that people love to see what happens when you combine Mentos and Diet Coke, weird stuff and even fake HCDSS.

Cuban also seems to be underestimating the value of the embedded references to YouTube that are being planted all over the Internet. All YouTube has to do is make some changes to its backend, and all of those embedded videos will be displaying advertising. When you have one of the most popular destination sites on the Internet, the value of those eyeballs will be significant.