As an example, here's a movie trailer for Behind the Mask:
All viewers have the ability to share the URL and embed the movie into their websites. They can also watch the videos in fullscreen mode.
MySpace subscribers, on the other hand, are allowed to vote (Booyah or No Way), participate in the discussion, save the movie to their favorites, utilize the "Email This" feature, bulletin/blog it, or add the videos to their MySpace profile. To access similar videos, users can subscribe to the video channel and be alerted when new videos are posted.
The services are largely similar, with some notable differences.
Both have the same pop dialog box that informs you that you have to log in to perform an operation:
This is how it looks on YouTube:
And MySpace's popup isn't much different:
Once you opt in for a subscription, it is verified. The notable difference here is that YouTube does not show how many users are subscribed to a certain channel, whereas MySpace does:
You can view your subscriptions and browse through them in a similar fashion on both services:
Rating is a little different as well. YouTube's rating system is out of 5 stars. MySpace's rating system is most like Digg -- you can either thumbs up the video or thumbs it down.
The other notable difference is the display of comments. YouTube does not feature user avatars in the comments system, whereas MySpace does. MySpace is already seeing spam posts, but I don't see a way to report them as Spam. YouTube has a Spam link on the page.
Forum members are largely excited and think this is a promising move:
...its nice to see a site become the full package.
Myspace could capture a lot of eyes from youtube if they cater to the music video providers. The video encoding quality is much better on myspace than youtube and the audio is in stereo.
Indeed, the quality of MySpace videos is better than YouTube's. I think that if they continue to focus on professional content, there is a lot of promise for MySpace.
Forum discussion continues at WebmasterWorld.