It has been recently announced that Google has taken over YouTube for the sum of £900,000,000 (check out all the zeroes!), but Microsoft are also starting their own attempt at this video sharing malarkey. At present the site is in beta and only people with invitations to join can gain access, however below is an embedded version of a random video of Bill Gates playing Project Gotham 3 on the Xbox 360 just to show off the player:
Video: Bill Gates and I play Xbox 360
The site is mostly using flash elements for its interface, but it does look promising although having Google video and YouTube joining forces, Microsoft have an uphill struggle in front of them!