Video on Flickr: what impact on YouTube?

At long last, Flickr does video. And true to form, they just get it absolutely spot-on.
The ’90 second limit’ thing initially feels restrictive, but it’s a perfect fit for their ‘photo sharing’ ethos. What impact on YouTube?, I wonder.
Personally, Flickr feels like a more natural place for me to share my occasional personal videos; and of course, it’s attracting its fair share of corporate users, not least in HM Government (FCO, No10). But with a more generous time limit (10 mins), YouTube remains the logical place for ‘corporate’ video; and paradoxically, I don’t see too many of its core ‘kids with mobile phones’ audience migrating to Flickr, especially if video remains ‘pro users only’.
By the way… this is my first post since upgrading to WordPress v2.5. And you won’t be surprised when I say, it’s fantastic. Looks gorgeous, and they seem to have refined the few annoyances of the last version (particularly Flash embedding).