Ustream is making a big play over here in Asia. They have invested heavily in Japan and Korea, and have partnered with a lot of local companies. YouTube will be hard to beat once they turn on the Live feature. I hope multiple players can exist, to keep all innovating.
I have a feeling Google will try allow Google+ hangouts to stream live to YouTube first to help boost the service. Lots of experimenting going on with G+ Hangouts.