Youtube adds a Dedicated Education Channel

I recently discovered that Youtube has created a dedicated education channel that I expect will rival iTunesU. It currently focuses on higher education, but I expect that a K-12 version will be added within the next year just as Apple has recently done on iTunes.

I just finished a blog post about the service, but I am interested in your thoughts. What does this mean for education as a whole, and what are the practical applications for classroom teachers?