I started using Vimeo recently and I prefer it to Youtube, HOWEVER, if you don't pay for a subscription, your video gets put on a waitlist to complete. Sometimes that will take 90 minutes, so if you're not in a hurry, Vimeo is the way to go.
The advantage of Youtube, in my case, is that my 52" Panasonic plasmas with Viera allows me to view Youtube on the plasma TV without being hooked up to a computer...with Vimeo, I have to hook up my laptop to the Plasma to show Vimeo videos I've produced.
Incidently, here is the USS Midway, which we toured in San Diego last week-end. Just a 3 min HD movie for fun.