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Streams have been in beta forever and I don't know anyone who actually uses them. The cool kids all use Stickam. I'm pretty for Streams is for EXACTLY what you took screenshots of...
If I had to guess, though, I bet this is really just a beta test for the YouTube Live functionality that Sarah talked about (Steve's lips sink ships, apparently). Actually, the more I think about that, the more sense that makes.... YouTube streams are an on-site feature with real time chat where everyone's chat is synched up to a video stream, right? I bet they want to work out the kinks and then they'll just be like "Oh hey now you can source a stream from your webcam instead of a playlist."
I still have to access it via the TestTube page where it's been for the past year or so.
http://www.youtube.com/stream?s=2082865152
"Welcome to the I Am Legend Stream!
I created this stream so that you all can watch the movie "I Am Legend" without having to run out to the store and rent it!
Just click on the "Stream Library" box to get started and choose ur clip. The video clips are in the following order:
I Am Legend Clip
I Am Legend Clip 2, 3, 4, 5, 6, 7, 8, 9, 10, 11
Im Legend End
I Am Legend ALTERNATE ENDING
Please subscribe to my channel if you want to and watch my other videos! I also will accept any friend invites you send me.
Please try to keep inappropriate language to a minimum and most of all....ENJOY!"