I agree with Daveguy.  I try for both.  Youtube has all sorts of traffic and exposure for my brand that I really want.  However, I really make my money if people visit my site and buy things.  In the end I use Youtube as a way to drive traffic to my site.  I then use the same videos on my domain to increase conversion rates and clickthru rates (when I can win the thumbnail).
Great post thank you for putting this all together, great info.! I have been experimenting around with these tactics for about last 3 months and have found comparable results. Actually, it’s funny, you can use similar backlinking strategies for ranking a Facebook page, that’s is what I have found. So now I know I can rank a FB page or a YT video pretty quickly, like you say, like back in ’09, haha, when life was grand! I have used some other services for real, human, YT views, some even offer ‘full views’ or percentage of ‘full views’. Great post just wanted to thank you! Keep up the good work!
Content is king, and this is a place for you to make sure that you have content. For us, I make sure that my writers write the descriptions. They take time. We write 300 to 400 to 500 words in a lot of cases. Maybe we'll do 200 or 300 words, and then we'll add the transcription below. But you want to make sure that you have something unique that's really about the video. Take the time to write it. It's really worth it.
Excellent video. I have a question though. As a content coordinator for a mid size IT firm, I have been tasked with creating really rocking youtube channels for the three brands under my companies umbrella. My question is, although I am currently transcribing the videos, is there a certain software SEO MOZ or someone else who has responded to this video, recommends for transcribing? I know of Dragon Naturally Speaking however is there anything else?
The first category would be the content that you create. These are things that are really in your control. Not everything about ranking on YouTube is in your control, and yet you have the ability to affect it all by the content that you create. So that's really the place to start is by creating awesome content and then uploading that content in a way that is going to put your best foot forward on YouTube.
A simple link to your video in your email signature can be an effective driver of traffic. As mentioned earlier, comments, shares and likes (thumbs up) are important ranking signals. Considering that your email recipients are most likely your service users, they are the audience most likely to be interested in video content related to the news and services that your business provides. Furthermore, a satisfied customer will more likely share the video if they find it useful.

There is much you can do right with YouTube but there is also a lot of things you can do wrong! For instance all of my affiliate videos are on the same channel, if Google decided i violated their tos I would have to start all over but Google see the value I bring. I would suggest using different channels for different niches rather than having 1 channel or 1,000 channels.