As a filmmaker I use this over youtube becuase it is a filmmaker venue, not so much for businesses who want traffic and marketing (use Youtube, it is Google's and much better for searches).
And not sure about censorship as I have seen films with all kinds fo messages and stories that I am sure if it were just a hate video or something, it might be taken down. (use youetube for those.)
Vimeo is for artists and storytelling with legitimate films. not marketing for businesses or hate videos.
I have not had any issues other than some of the features require you to host your videos off of vimeo to work, such as garnering email addresses and such. I just want people to go to my vimeo channel and watch my films. and it works perfectly for that. HD is HD, not youtube fuzziness.