JamesJackWalshe said:
... they may instruct you in the creation of viruses or how to hack and torrent a game or a program.
How is that bad?
Hacking a game or program is not only very fun, but very educational. I agree it's illegal most of the time, but there are also programs that are made to teach you how to crack them. Knowing how to crack a piece of software doesn't make you a criminal. Ask any computer security expert and he'll tell you that 9 out of 10 programs that get cracked were made by people who don't know how programs get cracked in the first place and didn't know how to secure their software against it.
Similarly, knowing how a virus is made and how it works gives you great insight into the inner workings of an operating system. That's stuff you don't learn in school or Uni and probably should.
EDIT: Another good thing about YouTube is that you don't really need to browse all the shit that's posted on there, do you? It's amazing for watching a music video when you're at a mate's and you get into a "dude, listen to this awesome song" discussion. Also, do you have any idea how hard it used to be to post a video online before? It was unheard of. You basically needed to rent a server with enough space and bandwidth for all your viewers. There was no way to just post a video on a forum and say to people "hey, look what I made" without paying money.
You can't ignore this fact! You can make a website about anything and, given you want to include videos on it, your bandwidth and space costs drop dramatically by using YouTube and not hosting them yourself.