Some people -- namely Mark Cuban and Jason Calacanas -- aren't on YouTube's bandwagon. Cuban made waves when he said only a moron would buy YouTube. Weblogs Inc founder Jason Calcanas has ridiculed YouTube's business model a number of times ("Quick, someone (Newscorp?!) buy YouTube for $1B.... these guys are on fire!" he joked back in March.)

YouTube's business model was good enough for Google. Whereas P2P draws the ire of the music industry, a battle against YouTube would have been the ultimate Pyrrhic victory. Warner Music Group, Sony BMG and Universal Music Group -- and CBS Corp -- have inked deals to (eventually) share ad revenue generated from videos containing the companies' content. It only takes one lawsuit, Cuban insisted, to bring down YouTube. Who's it going to be? The only recorded music holdout with enough money to bring a lawsuit is EMI. One has to wonder when and if that deal will get done. (Munns? Levy? You've been awfully quiet.)

Bad investment? Labels don't care. They're signing deals with YouTube and happy to let Google some of those billions in cash reserve defending whatever lawsuits might arise. WMG, UMG and Sony BMG will sit this one out. Good move on their part.

It was fun to scan the Internet yesterday and read the reactions.

Bob Lefsetz is dreaming. "If we can have a legal YouTube, we can have a legal P2P service," he wrote. Nope. The former is a complement, the latter is a substitute. Besides, any legit P2P service will be so hamstrung by restrictions it will turn away all but the most curious of the early adopters. Lefsetz is really selling it. "Yes, now is the time. For Edgar Bronfman, Jr. to authorize a P2P service. He should take an ownership position. And allow trading of Warner product."

The Financial Times focused on contingencies. Its article featured analyst quotes that foretold of copyright problems. "This deal makes no sense," said Allen Weiner at Gartner. Well, there's copyright violation and there's copyright violation. Here's how the entertainment industry rates severity of infringement: YouTube is to jaywalking as BitTorrent is to manslaugther.

Music attorney Chris Castle has a solution for fixing YouTube's copyright problems: Ask the artists for permission. "But of course YouTube can’t do that," he wrote. " Asking permission doesn’t 'scale'. ... It’s like saying, yes I know I may be stealing from you, but it’s too inconvenient for me to find out."