Anytime something advertises itself as a product killer it's most likely nowhere near as good. Often it's just riding on the coattails of some recent problems people have been whining about.
But why is this going to be a competitor for youtube? There are plenty of other video hosting sites out there and none of them are as popular as youtube. Youtube also already has plenty of popular people making videos and oodles and oodles of cash. So this just sounds like any other video hosting site out there.
