I run clip-share. I have a copy of 2.6 and 3.0 beta if anyone wants it. Getting 4.0 soon.
Keep in mind you need a dedicated server (Linux) with at least 2-4G RAM and a LOT of storage if you're going to run any sort of decent site. The script install requires FFMPEG and a host of other apps installed on the server, so if you buy it, make sure you buy server install or you'll be fucked for weeks on end trying to get it to work. But once it works, who nelly, it works. SiouxEmpireTv.com is a dead site that we once had plans for, but now is just sitting there. Check it out, it's running 2.6.
Ever go to a video and it starts, but then needs to buffer every 10 seconds? Yea, that's not what you want.
PM me if you want more info.