Despite its massive popularity, Google have failed to capitalise on YouTube's audience. The trial of its InStream overlay system has reportedly not being very successful and the company is now adding post-roll ads to its clips.
The point-and-click format is probably the reasons that YouTube is so difficult to monetize; pre-rolls and overlays are intrusive, but without a playlist capability, the instream option - by far the most successful format for internet tv advertising - isn't a possibility.
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IP video has to be presented in a larger framework than YouTube VOD that is advertiser-friendly and easily discoverable by a potential audience. Different from old linear TV but not too different.