That's the way I see it. Vevo means I don't get to see lyrics, I get a video with weird intro/outro patters and instead of just the song, I get the censored and shortened radio version of the song, and I get more ads. If vevo took their content off youtube and ran, I would welcome it. Youtube should be more than MediaMegacorp advertising-disguised-as-music.
If Vevo became the place where music labels and acts -- the ones with the massive money-making audiences -- went to, Vevo would be even less tolerant of bootleg/non-official versions existing on a rival site.