I'm not sure what to say.
It's basically just PlayTube, and to be fair, that's not necessary a bad thing, why reinvent the wheel if it has everything you want?
However, it's more the general idea that a Video site like this probably won't survive for very long. It has nothing to do with you, it's just in general.
Storage and bandwidth on a website like this, will cost alot when people start using it. I see that you're using HostGator, and even their "Enterprise Plan" Dedicated Servers is tiny for a large scale system like a video-host. Sure, it's great for a couple of friends to upload videos, but it won't keep up for long.
And if for some reason is not using either a Dedicated Server or a VPS plan at hostgator, this type of website is agains their ToS and will probably be shut down if/when it becomes popular.
I mean, go ahead and prove me wrong.