A good argument could be made that it's already the defacto standard for video on the web, but YouTube's announcement of it's new API (that's application programming interface for those not down with the lingo) opens up the site to a whole new level of interaction that will, eventually, spread free video far and wide over the web.
The big deal is that it's now possible to set up fully-functional video upload capabilities to your own website (currently through getting your geek on, but give plugin developers another week and mere mortals will be able to integrate it as well) instead of having to link people back out to YouTube. The whole thing is driven and hosted by YouTube's computing cloud, so your own servers aren't taxed in the slightest. Once videos are up, you can have them auto-tagged with your site name (or anything else you want), so that they can be grouped easily into your own categories.
For publishers looking to integrate a robust video platform into their site, the options just became quite simple. It'll be interesting to see how this all plays out.
More at ReadWriteWeb.
Super nerdtacular video link GO:
PS. It would appear as if YouTube co-founder Steve Chen has a poster of... well... himself, in his office.