Can you be more specific here, minus the buzzwords, what "deals" and "traction" does justin.tv have that google/youtube can't hurt them? HN tends to go gaga over YC funded company for no obvious reason and often (but maybe not in this case) rationality and reason goes out of the window.
Sorry for the buzzwords. What I meant was: there are whole classes of people who are very used to using Justin.tv (and ustream to a lesser extent) for live video. Maybe some of them would switch to Google if YouTube suddenly offered live streaming, but my feeling is that this is a Twitter vs. Google Buzz situation. Google can offer, but if the digerati are already used to another service, they won't necessarily switch.
Justin.tv is kind of a dark horse -- ustream may be better known, but Justin.tv is actually bigger. The Justin guys can probably explain this better than I can. :-)