WorldTV is one of the companies making its debut at today's NewTeeVee Conference here in San Francisco. The site is hyper-focused, letting users create custom channels containing videos taken from Google's videos properties, along with AOL and Yahoo's. Once you've added the videos either by URL or built-in search, you can simply pass along the permalinked URL to friends to have them watch your collection in a full-screen player.
Channels can be branded with a text logo that sits to the right of the player, although advanced users can go in and upload an image instead. There's also a built-in Webcam recorder that will let you record your own clips to insert on your channel, although anything you save takes the place of one of your other video segments. The advanced editor also lets you tweak things like video aspect ratio, player background, and playlist order.
WorldTV intends to make money through advertising by adding ad units to player pages combined with a revenue-sharing model that will let users add video ads to their playlists. Unlike YouTube and Revver, which have chosen traffic and viewership for their ad models, WorldTV thinks users are willing to mix in full on video ads in their playlist in the hopes of making a buck. They're also planning to roll out a premium model with a more advanced feature set for users who are willing to pay for more functionality.
While WorldTV is super simple, I think for the time being you're far better off using a more full-featured mashup service like SplashCast (coverage), which works with all sorts of video content from many other sources including text and audio. Also worth noting is YouTube's own playlist creation tool, which lets you add as many clips as you'd like, albeit only from their service. In the meantime, I've put together a test channel on WorldTV, which you can check out here.