Just noticed that Hitwise posted data showing that Google Video, the link to which was recently added to the Google home page, has now surpassed Yahoo Video in terms of page views.
What's even more interesting is that the Google audience tends to be older than that of reigning video champ YouTube, meaning that Google's audience is additive and doesn't really take away from YouTube's share.
That older audience may be one reason why Google video is sparsely populated with good content. Older folks apparently don't copy shows off TV and upload them. Or it could be that Google polices that activity more rigorously.
What most people fail to realize about Google Video is that it's not designed solely to be a destination site for random videos. It's not really a competitor to YouTube.
It's important to remember that Google doesn't do anything without considering the implications for advertising. To wit: Google will eventually be culling video from around the Web and monetizing it, according to Peter Chane, senior product manager for Google Video.
So while YouTube struggles with the question of how to monetize videos without turning away users, Google suffers no such qualms.