I normally recommend YouTube to people (and was even going to have a bit on them in my first issue of Exploring Squarespace) because it’s really an easy way to add video to your site. After reading the following from a Boing Boing post regarding YouTube’s new terms and conditions though, I don’t think I’ll be recommending them further.
…you hereby grant YouTube a worldwide, non-exclusive, royalty-free, sublicenseable and transferable license to use, reproduce, distribute, prepare derivative works of, display, and perform the User Submissions in connection with the YouTube Website and YouTube’s (and its successor’s) business…