I see that now Dick Parsons - CEO at Warners - is planning to sue YouTube (Thanks John Batelle for referencing the great headline "Time to SueTube"! originally from the boing boing blog)

And as John says:

Be careful, Dick, for a shot across the bow may bring a broadside from the other side. And the gorgeous fact of it is this: The other side isn't Google. It's everyone who uses Google (and now, YouTube.) Huh. Worth a pause, a drink, and a think.