Leon Asked:

…and what does it mean for youtube and their users? Will we eventually have to pay to use their site for copyright purposes?

Reply:

Youtube agreed to self-police. If youtube becomes aware of copyrighted material, or if someone reports to youtube that copyrighted material is on its site, the material is pulled by youtube. The results are: 1) youtube will remain a free site, 2) you can’t find as much copyrighted stuff on youtube that you used to be able to find, and 3) you find a lot more dead embedded links on other websites now, because the video was at one time on youtube, then the website embedded it, then youtube pulled the video.