I'm well-versed in all that is Youtube. I even have my own account and have uploaded a few videos. The public library where I work even has its own Youtube account and has uploaded videos from our various festivals and celebrations. Here's a video from our 2007 Native American Festival:
I think this is a terrific use of web 2.0 for libraries. Putting videos like this online exposes more people to what a library has to offer- especially to people who might not normally attend events such as the Native American Festival. Too often libraries are written off as dusty repositories of books. Public libraries especially are so much more than that- community centers full of life, and video is a wonderful way to show that!