You could open http://www.youtube.com/live to get a sense of the new live video portal; and if you're a UStream user, you could also compare UStream with YouTube's live stream service and tell the differences between them.
The YouTube Live portal is divided into several sections: Featured Live Events, Live Now, Upcoming, Tomorrow and Next 7 days. Its content include live Sports game, academic conference, music concert, live video streams from trusted YouTube users and more. So you could check out what's being on live and subscribe to the streams to be broadcasted live in the next few days as your liking.
You could also log in to engage with live streamers and the rest of the YouTube community using its live comments feature.
Can live streaming service be as successful as YouTube's recorded video service? Things move quickly on YouTube and we'll just wait and see.
Still don't know how to download YouTube video for free? Better check out this YouTube downloader program.
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