I'd love to take YouTube's dominance down a notch, but it provides way more features. Implementing each individual feature probably wouldn't be that difficult,

I'd love to take YouTube's dominance down a notch, but it provides way more features. Implementing each individual feature probably wouldn't be that difficult, but you'll end up replicating tons of functionality. If you're targeting an international audience, getting all the i18n/l10n stuff worked out is non-trivial.