Ever since the video removal by the record companies started on YouTube, the LivingRoom Rock Gods have been looking for an alternate site for uploading their material. A few months ago, I wrote a post about blip.tv being a good choice for it's good quality in both video and audio, but there's something missing from that alternative: the musician community.
However, Wekastar.com has that, since the whole site is a musician community. The video and audio are not as good as blip.tv, and it has some synch issues (as you'll be able to see with this video of myself), but I'm guessing this site is less likely to get hit by the copyright holders as hard as YouTube has. Some LRRG's are posting their stuff there as well as YouTube, such as zodiakironfist (his Primus covers are available there) and Spector2112.
Wekastar advertises itself as an online "American Idol" (ew) because it offers competitions and apparently record deals to those who win them. I cannot say for sure weather that's true or not, so please check that out before you enter any competition. As a "storage" for your videos and sharing them with other musicians, I think it can be a nice alternative.