Though it's not mentioned in the LA Times blogpost revealing that MTV Networks tried to buy early YouTube for a song, one can't help but to reminisce about the old iFilm site.
iFilm was the original YouTube. For the longest time, it was the only place on the web for video clips and though uploads were done by staff, thus moderated, it was one of the early user-generated sites.
Recently I discovered that if you put iFilm.com into your browser's locationbar, it resolves to Spike TV. In other words by missing out on the YouTube opportunity, though they tried in vain to compete, the younger cousin killed the adult.