If you're comfortable with that, that's fine by me. I see no proof that this falls under any Fair Use provision, if we're talking about copyrighted material, and it looks like there's an interested party who disagrees with you.
http://business.guardian.co.uk/story/0,,1921154,00.html
I think they'll work out a deal, but until then, I think that a lot of YouTube users are uploading, viewing, and downloading, content without the authorization of the copyright holders. That is to say, they're watching a lot more music videos than homemade stupid pet tricks (I'd be happy to be wrong about that, so if someone knows the opposite to be true, feel free to correct me). And now it's become possible to download the stuff easily.
Which is something I've seen Freepers denounce as theft.
Thank you.
Mark Twain
Twain's words resonate loudly in the internet age. One thing that must be kept in mind when considering content protection in the internet age is the drastic devaluation of content because distribution costs have retreated almost to zero. Content providers, and copyright legal eagles, must construct a new business model to deal with this reality.