Basically you can sign up to moderate their videos, contribute to captions and shit...which is definitely not gonna be abused by the masses. Definitely a good idea. Relying on the YOUTUBE COMMUNITY for moderation. Where the users opinion will dictate whether or not a YouTube video is acceptable.
It's a matter of time before normal videos get mass flagged for shits and giggles, as if YouTube comments weren't bad enough.
As Jim sterling said, who the hell is gonna moderate the heroes?
TL;DR incoherent ramblings of a bored, sick user. And YouTube -blam!-ing up again.
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This appears to be based on [i]privileges[/i] where, if you do particular things on the site, you will be granted access to particular functionality, presumably because you are seen as a more trustworthy user. It is actually a good idea and has been shown to work really well on other sites. I've also been an advocate of implementing somewhat similar functionality on b.net.