I watched a Seesmic video by Loic Le Meur of Seesmic trying to state the point that unlike YouTube, Seesmic is a conversation - much likfe Twitter.
I've been using it since the weekend now and it really is very cool and yes, it is a conversation (although the actual conversation part is something they need to work on - following parts of a conversation is tricky).
The difference from YouTube is that you are talking to your friends. Sure, just now everything is public, but over time it will be your friends because as the public timeline gets noisier, you want to follow only things interesting to you - i.e. your friends.
I have made many friends online recently and many through Twitter, blogs and even Seesmic - so the definition of a friend is pretty flexible.
We all feel a little self-concious when creating these videos but over time this (i hope) will improve and you (or I) will feel more confortable with it all. I DO think that feedback and people talking back to you on Seesmic in a response to your video is a big part of that.
Perhaps we should all be teamed with a mentor who is confortable with it all and can give some feedback. Or maybe just an abrupt "hot or not" system :)
Oh, Seesmic is COOL!