I've tried it out with my Nexus One and while it works great (http://socialcam.com/v/XANxOwfD) I don't think I'll switch to it (I'm part of their audience I guess, I often record short videos with my N1 of stuff I see to share with my friends) as I can't see what advantages it offers over Youtube?
Also, your videos will upload in the background as you record them, making upload time much shorter (but only be published when you click "Finish" at the end of the creation).
By "making upload time much shorter" you mean "making apparent upload time much shorter." They'll still take the same amount of time[1] to upload, except that that time begins while they're being recorded.
[1] Or more, in some probably unlikely cases, for example if the upload speed exceeds the bitrate of the video.