That's The Idea
Here's the Natalie Portman video.
It's not really YouTube functionality though.
You can't put the video on your own page, like you can with YouTube. That is key, and I mean key. People want to turn their MySpace pages, their blogs, and whatever else into their own TV station. And that's critical to viral distribution. NBC needs to offer that functionality.
Also, the player could be better. You can't see how far into the video you are. In any medium that is temporal, you need to let people know how much longer the thing is going to play.
And there's no pre-roll and post-roll. I'd expected to see an ad in there somewhere. In fact I'd like to see it because then you know there's a business model in it for NBC, which is always a good thing.
But it's a good first step. Let's hope it's just that.