That is what I thought they were going to do when they bought Youtube!
Let the downloading begin, followed by the Uploading.
I think we shall ask permissions from the videos authors first before uploading, if the authors can be contacted in the first place.
I'm not sure some of those videos can be uploaded to Youtube due to length. Which I'm sure wouldn't be an issue if Google had just transferred them over.
I have only 1.3 years old YouTube account any it was upgraded by YouTube to don't have length limit due to it being copyright infringement free and in good standing. Reuploading stuff without authors permission may remove the DMCA free status.