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I haven't thought this one all the way out but here goes.
I have had way better success monetizing YouTube videos over Adsense on my own sites.
I know you can link to a YouTube video, but can you create "backlinks" ( with anchor text and all) to your YouTube videos just like your own sites?
How would the Google animals ( Pandas and Penguins ) handle that? Penalizing YouTube ( for a ton of backlinks) would be like eating their own young, wouldn't it?