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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The problem with the system they've implemented is that it bears no advantage to be able to flag multiple videos at once. It only makes it easier for trolls to do their thing.