Will Vevo be the next MTV?

Today was the official launch of Vevo, part of a joint effort by YouTube and Universal, Sony, and EMI. Think of it as the HULU for music videos. Revenue is generated by ad sales (and they have major sponsors already). Some videos will be premiered on the site, which will contain synchronized and integrated lyrics. At the launch party in New York it was revealed that high definition videos will be on the site starting next year. Of the four big labels, Warner is the only one not on board. It is being reported that A2IM (representing more than 200 independent labels) is in talks to participate as well. This may well be the next way to “break” new artist via the web instead of just traditional (and expensive) media.

Will this be a new way to generate revenue for the independent artist? Will it be a valid distribution and marketing mechanism that will allow artist to bypass the major labels? What do you think?