Is Youtube doomed?

Youtube seems to be for Google like most of the divisions of Microsoft are for Microsoft, a money pit. It costs a lot of money to run, but it does not generate much revenue. So one observer who runs a competing site believes that Youtube in its current form is doomed. He thinks the user-created material will have to be axed. Comments to MarginalRevolution's link to this article think the future of Youtube may be brighter.