... money quote:
Viacom's complaint in this action challenges the careful balance established by Congress when it enacted the Digital Millennium Copyright Act. The DMCA balances the rights of copyright holders and the need to protect the internet as an important new form of
communication. By seeking to make carriers and hosting providers liable for internet
communications, Viacom's complaint threatens the way hundreds of millions of people
legitimately exchange information, news, entertainment, and political and artistic expression.
Google and YouTube respect the importance of intellectual property rights, and not only comply with their safe harbor obligations under the DMCA, but go well above and beyond what the law requires.