It's be slashdoted that Google's buying youtube could be the start of .com bubble 2.0, where eyeballing and click promise more cash than it could actually translate to.
The move actually starts much earlier, when Yahoo bought MySpace, or even earlier. The irony lies in that Yahoo stock plummeted, while Google still survived, maybe because institutional investors got too much stack in Google and are not ready to let go.
When we fellow MSRA interns asked Kaifu on the burst of .com bubble 1.0 in 2001, he said technology innovation is not enough to make a profitable company sustain, and the business model is the most important innovation. However, one can not patent a business model.
That's why there are so many "me too" social network websites, and video hosting websites. Are they providing value, yes? But are they viable, let alone profitable? I don't see it.
MS is rolling out MSN video, but for the video search part, it licensed the know-how from Blinkx, even though MS research has been doing video search for 6 years and published hundreds of papers. That, again, proves good technology is not enough for good business, assuming MSR's papers are good.
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