I am totally excited about this, though we'll see how useful it all ends up being. YouTube now allows you to offer your footage via Creative Commons and use other's Creative Commons material in your own productions.
Sweet! I love the idea. With how easy it is to get great footage these days, I can totally see a future where low/no-budget producers can get similar shots to those who spend hundreds on video clips. Establishing shots and fly-overs are out of reach for so many students... but, perhaps, no more!
Your Media Production Mentor