On Tuesday, October 18, 2011, the Second Circuit Court of Appeals heard oral argument in Viacom v. YouTube and Premier League v. YouTube. Although no transcript is available, articles about the oral argument are here, here, here, here and here. Mark Lemley's opinion piece on the lawsuit is here.
My favorite line from the reported articles is a comment by YouTube's lawyer, responding to the plaintiffs' arguments that YouTube should have done more to screen or filter for allegedly infringing works:
"We've done A, B, C and D and plaintiffs are saying, 'You should have done E and F,'" he said. "If we did E and F, they would say, 'You should have done G and H.'"
A decision is likely to take at least several months.