Of course, like the existing live streaming services, YouTube's has a few drawbacks. It's priced to compete with the others' entry-level subscription tiers, but doesn't offer nearly the breadth of channels some of them do at higher price points. It's also missing some hugely popular basic cable channels (biggies like MTV, Comedy Central, CNN, TBS, TNT, and AMC aren't offered, at least at launch). It's also unclear how compatible its standalone app will be with set-top devices that compete with Google's Chromecast, like Roku, Apple TV, or Amazon Fire TV -- it's possible that the only way to get content from the YouTube TV app to your big screen on those will be to cast it from your mobile device, which would be annoying.
In any case, YouTube's attempt to woo consumers away from traditional cable is yet another indication that cord-cutting will soon be the norm, and that cable companies and broadcasters alike are scrambling to figure out how to hang onto the eyeballs they so desperately need.