The video site is starting to scrap the 15 minute time limit placed on videos, according to a blog post. Select veteran members in good standing on the site will now be offered a chance to post videos of unlimited length. Presumably this functionality will gradually be made available to everyone. So go find that movie you wrote and filmed last year and share it with the world! Or upload your son's championship high school basketball game or the insightful lecture you just gave on the emerging economics of green tech. As long as it's your original content, it's fair game regardless of length.
What does this mean for the rest of us? People are TOTALLY going to be posting full length movies and TV shows on YouTube. Sure, those things will then get taken down in a hurry but come on.