Google will shutdown its video streaming service Google Video. As reported before Google encourages its subscriber to either download their personal video or transfer the video to YouTube using the "Upload Videos to YouTube" button.
As engadget reported, Google will do the migration automatically rather than the users themselves. I am not sure why Google encourages first its subscriber to the manual labor despite the fact that they can do the job in a matter of few press of a button.
One main reason I can think of is that they need extra data center to handle the files temporarily. And I guess they found a fast way of migrating the video files to YouTube data center.