Youtube is getting pretty ridiculous with ads. 1:30 ads to watch a 0:10 clip. But it's free, and other social networking capabilities that I think vimeo lacks. There is that 15 minute limit, unless you're on youtubes good side.
I've never found vimeo particularly easy to navigate. And they apparently delete free accounts if you haven't done anything with it in the past 90 days. And other WTF qualities. If you're like me and are more seasonal (annual events), vimeo is pretty much useless IMO. And $60 a year is kind of ridiculous. You can almost host your own website for that cash these days.