The buzz over a potential Hulu IPO reminds me that the real online video traffic leader is still YouTube. While Hulu has a few slick sharing and embedding features, it’s really a traditional media company with an on-demand, Internet twist. Its long-term competitors are Netflix, Amazon, Apple, and its own TV network partners and competitors. YouTube is adding more and more professional content (music videos, trailers, clips and promos), but check out its “most popular” section. It remains dominated by user-created or user-submitted videos. Reportedly, YouTube isn’t profitable. Is social video more valuable as a media business – that is, “ad-supported” – or as a feature of a different type of site, or as a source of marketing and programming information? I’d bet on the latter.