Drew on Stats
Drew of Rocketboom writes a very lengthy post about the stats behind Rocketboom, trying to demystify the things he takes into account. Except towards the end (when he starts to take more and more pot shots at Ze Frank) he does a fantastic job. The thing I think is apparent in this and Ze's view is that there is no real standard accounting method for hits. Everyone has some segment they can promote as indicative of their popularity, but the important part is to compare apples to apples, and handicap the results appropriately.
Definitely worth a read, and maybe someone out there can take a stab at creating a "video audience calculator" formula?