If you do a search in these forums for "video sharing" you'll find several posts from people who have experience with this along with a whole bunch of useful advice regarding running this kind of site. Have you done this?
If so, I guess the best you can do is to leave this thread out there for someone to chime in on. I don't think any such site has won the DreamHost site of the month award.
But do remember that any site "open" to upload and sharing of video is highly vulnerable to being used to distribute copyright protected content. As such people are likely to protect the site from casual users or, uh..., disappear mysteriously in the middle of the night.
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