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I use both. actually I use tube mogul so I can upload once to a dozen sites at the same time.
it also depends on the audience you're aiming for. mainstream: go with youtube. portfolio for film work: go with vimeo. my videos do look better on vimeo, but like jason said, they can take longer to load and they don't play back well on all computers. way more people watch videos on youtube, but they can also get lost in all the mess
http://exposureroom.com is pretty good for a pro portfolio - quality is great.
And they have actually a service. Real people send you a mail if you got the wrong ratio or some tips to make it look better.
They even answer your mails.
my ct2
Frank