Yes, it's happening. Content ID is here, and it is taking people down. YouTube recently announced a new policy which allows it to flag and remove any video that uses content from its creator. According to Google, "videos uploaded to YouTube are scanned against a database of files that have been submitted to us by content owners. When Content ID identifies a match between your video and a file in this database, it applies the policy chosen by the content owner."
So basically, Sony, Microsoft and Nintendo can block users from displaying any of their content. The video will either be removed or the audio will be muted if it is shown to be taking the created content. Many famous YouTube gaming personalities responded, some disagreeing with the new rules (including Angry Joe and Francis). Certain people believe that this will not only turn away new "YouTubers" focused on gaming, but will also end many Let's Play videos that have gained dedicated followings.
While some things are still under question (such as what defines your content), this will have a huge impact on the gaming industry as a whole . Stay tuned as we here at CGM update you on the new policies. So far we haven't received any flags for our videos whatsoever, but we'll let you know of any new developments as they arise.