Aw snap! Will Smith is taking on YouTube!

Just when we'd gotten comfortable checking out music videos of our much adored and missed one-hit wonders on YouTube, Will Smith (well, okay, his Entertainment company) invests $2 million in PluggedIn Media, a new site dedicated to music video viewing. The site has 10,000 videos already courtesy of Sony BMG Music Entertainment, EMI Group, and Universal Music Group. YouTube has really been cracking down on unlicensed material being posted, but can Will Smith & Co. really keep up with the quantity being uploaded at this point? And can PluggedIn compete?