Their site is light on details, but the TOS spells it out pretty well: https://www.floatplane.com/legal/terms
Patreon is fine as a donation platform, but it's mediocre for content delivery.
As a long-time viewer of LTT, I also trust them more with their content moderation policies.
I'm not seeing a live demo of their player.
One of the main advantages that I've heard people talk about is the high bit rates, making their 1080p look smoother than YouTube 4k in some cases.
Somewhat strange that they lack a free video preview of the quality of the website, but that might just be because launching a service like this with a high quality video front and center might ruin their networking when a giant wave of new people come in.
I think another reason was Youtube did not support uploading of HEVC content until fairly recently, that has cause lot of problem especially those shoot their video with their iPhone.
And Youtube may never transcode and support the playback of HEVC content. Which means you are stuck with 1080P for Apple's users.
As for HEVC, not supporting is makes sense. The cost of licensing all of Youtube's encoder and decoder systems would probably make a small dent in server cost; more than storage for H.264 content of the same length and quality would cost. For example, some versions of H.265 have a $0.02 cost per disc/title. Serving 5 billion videos (titles) each day, such a codec could easily sink the company. Of course, this is just one example of the codec licensing, and the pricing depends per region (which adds another layer of paperwork) so real pricing won't be that steep, but it's not going to be cheap to switch to HEVC playback.
Youtube has moved to VP9 and is seemingly going for AV1 as its preferred future video codec. VP9 and HEVC are pretty close when it comes to compression performance in many real world videos.
I honestly did know or even expect that Apple devices don't support VP9, but I don't blame Google for sticking to an open codec instead of giving in to Apple and their bet on HEVC for corporate contacts, especially when the codecs are this close in regards to performance.
Anecdotally, videos streamed from Vimeo (which offers far superior bitrates to YouTube) look considerably better than YouTube.
If that's the case, they're not up to the task of hosting a video that goes viral.
Whatever the explanation, the absence of a demo video leaves a very bad impression.
This is not a free video hosting website, this is only allowing paid subscription. If something goes viral enough enough paid subscriber watch it, I'm pretty sure that the amount paid by theses subscribers will be more than enough to support that wave. Having more channels will certainly make theses peaks smaller too, and that will only happens once they grow bigger.