You Tube is making a bold move by updating their Terms and Conditions too late. Now it says what almost every other content sharing site does. They own your shit.
Is now the right time to be doing this? Now when they just hit 100 million views a day. Now when content providers are realizing that the creators are going to eventually have to get their share of the money. Now when Bree and Daniel aren't talking.
Well, they had to do it. At the risk of kissing all the right ass, I think we are heading to a crisis of rights management that can only be resolved by using Creative Commons licenses to let the users determine how their work can be used. If YouTube isn't up to it, some other site will be.