Scott Carp over at Publishing 2.0 has a cogent view of the hype around UCG. I've had some rousing debates with people on this point -- my perspective remains that much of what people find valuable on YouTube et al is copyright someone else. Less the home mash video than the SNL clip. Take away the "owned" stuff and where's the valuation on YouTube? Or, as I've also heard -- UCG can stand for user generated crap as much as anything else. ;)