In terms of advertising, it seems as though that will naturally evolve as video serving sites and marketers use trial and error to determine which formats work best for different types of content: user created video, premium short content, and premium long content.
We are already seeing the aggregation of content by the big players including Google, Yahoo, and AOL. As with most new and fragmented industries this will also naturally take place in the market. With no telling who the winners will be.
In short, I would answer Eric’s question, “Exploding or Imploding?” with a definitive Exploding. I think that the market will work things out in the end, avoid any pending disaster.
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It is still in it’s infancy.
Pure advertising, depending on your cash flow demands, probably won’t work in the long run. Need to tie together affiliate programs, product placement and direct sale schemes to make any money.