In Google's eight year history they have never spent as much in an acquisition as they did today. Google announced earlier today that they have completed the agreement process and have bought YouTube for a whopping 1.65 billion dollars.
For a small company with only 67 employees and a 29 year old CEO, YouTube has accomplished a great feat. Google's acquisition comes at the right time too. YouTube's rising traffic had created bandwidth bills exceeding a million dollars per month. Google will be able to transition YouTube onto Google hardware, hopefully making the YouTube service much faster. Other things to expect from the YouTube acquisition might come in the form of site alterations to allow for more monetization; perhaps video-specific targeted advertisements.
Regardless of the outcome, I think this is great news. We all love wasting time at YouTube and with Google's help it will become a better environment. The only bad thing (from a user standpoint) that might happen is that Google could remove videos that are copyright concerns.