There are three big things on Stubes: playlists, channels and feeds.
Create video playlists, include videos from Youtube, DailyMotion etc. in your playlist. Playlists are just-for-you things, only you will see them. You can import your YouTube playlist as well.
A channel is a video player (and a corresponding webpage including comments) playing and mixing your playlists. This looks like a TV channel and the programme comes from your playlists.
This is an expert user feature. Instead of playlists a channel can play the contents of an RSS feed: it finds the links to playable videos (a link to a Youtube video for example) inside. Mix this with Yahoo Pipes and you get a dynamic TV channel. Stubes will re-visit your feed in every hour.