I finally got around to testing out Hulu's private beta, which is big media's race horse against YouTube. I like it. It's high quality video with good content from most of the major TV networks and two major movie studios. More from their press release:
"full episodes and clips from current hit shows, including Heroes, 24, House, My Name Is Earl, Saturday Night Live, Friday Night Lights, The Riches, 30 Rock, The Simpsons, The Tonight Show, Prison Break, Are You Smarter than a 5th Grader and Top Chef, plus hits from the studios’ vast television libraries, will be available free, on an ad-supported basis, within a rich consumer experience featuring personalized video playlists, mashups, online communities and video search."
So you don't get the random junk clips like on YouTube, but it doesn't compare with the volume of content on YouTube yet. The video and content quality is compelling enough for me to make them my preferred online video source after they get enough content up.
Old coverage from TechCrunch here and here.