I have basically a streaming setup, but I don't stream live. Instead, I record directly to my hard drive. What the streaming setup allows one to do, is use the computer to "on the fly" make the video youtube friendly. When you use a camcorder/iphone/gopro, etc, it records HUGE HUGE files. 5 minutes is like 2 GB of data. Its impossible to do anything with this footage online, unless you edit it in a movie editor, and then export it in a web friendly format. This (to me) is a pain in the ass and takes several hours for just a few minutes of footage.
When you have a streaming setup, the file size is like 300 MB for an hour of footage. And its good enough quality. And, its ready to go right to youtube. Its already in the right format.
The downside to the streaming setup is the learning curve, and the cost. Here is my setup for a Mac. I'm not familiar with what would be required for a Windows based setup.
1. Computer: Used 2011 iMac from ebay ($500). Must be quad core i5 or better, seriously. Must have Thunderbolt. This is the cheapest used Mac model that does.
2. Camera: Panasonic HC-V720 ($470 new) Any HD camera will work as long as it has HDMI output, and preferably manual controls for focus and white balance.
3. Blackmagic Mini Recorder ($145): This gets the signal into your computer from the HDMI output to the Thunderbolt input
4. Wirecast (cough, $500, cough ("free..."): This is the streaming software that will control the camera and what file size and quality you record at. There are other free software packages that do the same (Flash Media Encoder), but for an unknown as of yet reason to me, I have not been able to get the free ones to work for me.