Originally on TechCrunch, apparently microsoft is about to release LiveSide, which will be an MSN instead of a live.com product and eventually live at soapbox.msn.com. Although little seems to be known about the specifics, some of the functionality includes:

* Upload videos in almost any format—like from your video or digital camera (maximum file size is currently 100MB)
* Tag and categorize your videos to make it easy for other people to find them
* Watch original videos and browse for new ones at the same time
* Set up your own personal RSS feeds for videos you’re interested in
* Use your Windows Live Spaces profile with Soapbox on MSN Video
* Embed a video on your Web site or blog

Great, thats all we need is another YouTube.