Recently I've been really wondering about my sense of humor, and if it is comparable to that of a thirteen year old boy. Your name...giggle. Anndd I think of him as pewds. (This might be because I have a thirteen year old boy ;)
I have little doubt that once they truly launch this into mainstream, make a cool interface among other ways of making it more user friendly, it will definitely crush youtube and most other forms of social media.
I actually just commented on a post by the top commenter on this post @theywillkillyou stating my opinion that their dragging their feet on these things purposefully as they work out the bugs as well as establish a foundation of users that can be trusted to hold the platform to a high standard :)