It looks like Google is getting into content creation and plans to make 20 or so 'featured' channels on YouTube. $100 million is going to be used to create original programming. This will be part of a major overhaul of YouTube as they work to compete with Netflix and Hulu.
Netflix just last month announced their plan to make original content as well. What Google wants to do is create streaming video programs putting them head to head with broadcast and cable television.
In my opinion it's just going to be more of the same short videos, maybe just with more production values. The bigger question is can they create long format narrative content like HBO or AMC. Google has already visited with top Hollywood talent agencies such Creative Artists Agency, William Morris Endeavor and International Creative Management to woo their clients into creating YouTube content/channels.
Another thing to think about is that in February YouTube had 111 million unique visitors in the U.S. alone. I'm sure if any of these channels gain any traction Google could easy say "You know whats cool? A Billion Dollars!!!"