Nice attempt. I had created http://mustwatchvideos.com couple of years before (still running great), just to filter the wheat from the chaff. It is very difficult to find really good videos from the thousands out there on the net. Most of the popular ones are either some tv shows or albums, but the real gems though small in number are really gems.

Edit: One thing to watch out for is the spammy and porn# submissions that you need to moderate each and every day. Its a huge effort specially when you accept user submissions.