Gizmodo, and a whole slew of others are commenting about how the Venice Project will destroy YouTube. It sure makes for a nice headline, but is not true. The two services are not even playing the same sport.
YouTube is about people-powered content, the one which included everything from illicit cricket videos to some guy showing off his break dancing skills to short clips of the Daily Show. The Venice Project is about streaming TV over P2P and most of it being professionally created content.
YouTube versus the Venice Project is comparing American Football with Rugby or Aussie Rules Football. Or a farmer’s market (YouTube) with Trader Joe’s (The Venice Project.) More here.