The author of this blogpost makes some interesting arguments about why a YouTube clone launched by a joint venture between Newscorp and NBC-Universal is destined to fail. First of all, the company is launching the site in order to exert some level of control over how their material is distributed online. This control over content runs counter to the basic principles that made YouTube popular. Secondly, the content on this new venture will most likely be severely censored. This again runs counter to YouTube's appeal of limited control over content. Finally, the author argues that all the media conglomerates that are working with each other in this venture will be unable to work together and form a viable strategy.
I agree with the author completely on this topic. This seems to me to be another AOL-Time Warner fiasco: It seems like a good idea at the time, but the companies end up not being able to merge and work together efficiently, and thus ultimately leads to their demise.