Attack of the You Tube Clones

AOL just announced Uncut Video, their own version of online video sharing ala You Tube. (Read Mashable’s take on it.) Niall Kennedy says that Yahoo is working on something similar as well, and said so in its analyst day meeting with the financial analysts. Niall says that “The new video site includes videos from around the web and a few from Yahoo! users as well.”

With Google Video and MySpace Video already up and running, I wonder what are the exits for companies like You Tube and other such services? Will someone buy YouTube for its traffic? What are your thoughts on this?