PC  Advisor has some good commentary:

These PR folk are clearly following up on last week’s earnings  conference call, in which Google CFO Patrick Pichette said YouTube would be “very profitable” in the not-too-distant future. Questions abound, though, including the amount of money it must cost to run such a massive video-sharing site. The YouTube Biz Blog does not care for such concerns.

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We’ll concede one debunked myth: that the site’s content is grainy and of poor quality. That just depends on what you’re looking at, and there’s nothing stopping anyone from uploading an HD clip.

Look, until YouTube actually does turn a profit, there’s going to be criticism and questions, and Google has every right to address them. But I wouldn’t call the latest effort mythbusting. Let’s take it for what it really is: spin.

Those are good points, too.