Today in ustream.tv/channel/literarydiscussions I experimented with a 40 min long recording.  The elapsed recording time appears on the upper left of the screen camera image, with a red blinking dot (but very faint white font that you must strain to see, and which may easily go unnoticed.)

At the end, one clicks SAVE to save it to your ustream account. Then, there is a button to UPLOAD to youtube. I believe you should be logged into your youtube account in a different browser session, in order to do the upload.  It said the youtube upload had been initiated. But, several hours later (just now) when I logged into my youtube account, I saw that the upload was rejected for being longer than 10 minutes.

Ustream seemed to have no problem recording and replaying my 40 minute test. And one may DOWNLOAD the recording to one's local drive, in FLV format.  Youtube currently does not offer the ability to download ones recordings.