Not a coincidence that YouTube's making a bunch of news announcements and opening up much more of its inner workings to developers on the day that NBC and the guys I work for at Fox roll out Hulu.com.
Hulu's not supposed to compete with YouTube per se, though YouTube does want to compete with Hulu. Yes, even though YouTube is by far the most dominant video site on the net, it's the one who wants to compete with Hulu here.
Hulu's the first shot serious mainstream attempt at delivering a decent library of decent quality content for free over the Internet to the consumer.
Think there might be a market for that? Uh, yeah.
Google and Apple are still very much the best conduits. The content owners like News Corp and GE's NBCU are the best content plays -- content is king!. And yes, the cable companies are still the best shorts as their cable broadcast conduit can't compete with "Freely pulled over the Internet".
PS. We do talk about this on Happy Hour all the time, btw. And of course you can search this site or TheStreet.com or the Financial Times and read hundreds of thousands of words or analysis and predictions and what not that I've written about this Internet Video Revolution for the last five or seven years or so.