You need to know what you want to use the tube for ?? Are you looking to draw in traffic, are you wanting to give the surfers that do find you a reason to stay on the site longer to help with seo ? How many videos are you looking to have on the site ? Going to stay in a niche, or just anything goes ??
I can't image that the whitelabels are good for anything more than a placeholder for domains that you don't want to let go, but don't have the time to work on. Otherwise everyone would have loads and loads of them.
The wordpress option can be gotten into pretty cheaply and can go either hosted or embedded.
The problem with embedded is that everyone and their dog already list everything that is from the big 10 tubes, so again you find it less productive and mostly for small traffic landing spots. If you spend the time to focus on a niche, and then write really good copy to go along with it, you can snag some great long tail search phrases and get some focused traffic that can then be converted.
Which brings us to using a real tube software and hosted videos, which if your going to go thru the time and energy of writing good copy for the videos, you might as well host them yourself, google will start to penalize embedded videos if they don't already
I use MechBunny, but there are a number of options out there in a wide range of prices. I chose MB since it's pretty affordable at $400, and I can use it on all my domains without spending any more $$$'s. So if you want to grow other niches it's as easy as grabbing another domain and firing it up.
I also like that for the most part it's source is there to make any mod's that you need to run your site the way you want!
You can run the script from your /tube folder, but use a secondary server to host the videos, so you could pick up a cheap ohv server to begin with as you get started for $80 that should give you 4TB of video space and be able to get 50 to 100TB of bandwidth from it in a months time.
So figure out why you want a tube, and go forth and prosper
