In the last 24 hours, we've had 12 years of video uploaded to Justin.tv. 12.17 in particular. So more than double YouTube :-)
Think about it this way: if you have an average of 365 people uploading a video at any given time, you get 1 year of video per day. So YouTube probably has around 2,000 people uploading a video at any given time. (Compare to the number of channels on Justin.tv at any given time...)
That maths only adds up if they're uploading a live stream, but, correct me if I'm wrong, the majority of YouTube uploads aren't that. So if they had exactly 365 people uploading videos for exactly 24 hours, it could be much more or much less than one year of video, depending on how fast their connection allowed them to upload.
Yes, that's true. So YouTube probably has far fewer than 2k people uploading at any given time, since most people can upload faster than realtime (though some are probably slower than realtime).
But it wouldn't, on YouTube the average number of people uploading doesn't matter. One person, if his upload speed was fast enough, could upload a year of video in one hour, theoretically.