Youtube makes takedowns exceptionally easy, but the process of getting a video put back up can take months and there are no repercussions for a bad takedown.
Remember the other part of the DMCA safe harbor bits -- you need to take the video down immediately, but if the person says to put it back up, it becomes squarely that person's legal issue, not Youtube's. Youtube is not adequately capturing this workflow.
Then again, it's not clear if these takedowns are actual DMCA requests or if it's just an agreement Youtube has. I know that Youtube supports both.