I think it's a cool concept, but not in the same market as YouTube. YouTube is for short, low quality bits, while Zudeo allows you to upload and download SD and HD content.
This is more or less a glorified "legal" torrent tracker and it's annoying that you have to download their, probably slow Java, client. Anyway, I think I'm going to check out the submission license and see if I can upload a few TV ready fragments to test it out.