A lot of people very disappointed when, late last year, mega social site MySpace suddenly started blocking videos hosted by YouTube from being embedded in their blogs. Now this week Myspace launched its own video sharing service that looks and works more or less exactly like YouTube. So it is the great news for all Myspace users.

Of course, the move makes plenty of sense. YouTube and similar services are replete with videos of kids smack in the middle of the MySpace demographic lip-syncing to pop songs, pranking eachother, and otherwise screwing around, so adding a similar service to MySpace pretty much a guaranteed success.

MySpace has launched this feature using RipCode’s On Demand Video Transcoding technology, which means that the videos will be transcoded in real time to whatever your handset supports, regardless of the codec, resolution or bit rate required. They claim they are the first “social portal to launch video streaming for mobile,” however I don’t see any crucial difference between this and what YouTube is offering atits mobile site.

You can now view videos on the go on the Myspace mobile site located at m.myspace.com. Just log into your Myspace profile and scroll down to my videos.

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