I reported this morning at Search Engine Watch that YouTube Deletes 30,000 Japanese Media Files & Deals With Record Labels. Basically, they were hit with a copyright infringement notice and YouTube complied.
It has drum up some discussion in the search forums, specifically making a featured thread at WebmasterWorld.
Most of the comments are simply jokes but many also feel Google has made a "1.6 billion mistake."
Time will tell, time will tell.
Forum discussion at WebmasterWorld.