There are youtube millionaires on the way definitely for those that keep plugging away.
Ed Bassmaster is one of my faves.
Closer to home, a kid from UK, working in McDonald's filmed his gaming exploits with a commentary, call of duty tips etc.
Three years on, he has an eye watering 2,500,000 subscribers, 550k twitter followers and his channel earns him £750-1000 a day, 365 days a year in adverts. He gets flown around the world first class by gaming companies to just play their games and report on them. He has sponsors galore too.
My point is, it can make money, definitely.
http://m.youtube.com/user/TheSyndicateProject