According to the supreme court the deals the companies I mentioned are licensing deals. The supreme court says it's not copyright infringement because they are getting paid a license fee. The companies I mentioned even told me this doesn't count as copyright infringement of you use an audio recording or straight cover. You just can't always do mashups etc. I've heard the same thing from copyright laywers. One lawyer provided me with an official YouTube License contract that states these companies promise not to sue anyone if they follow the guidelines.
So I think many people here are dead wrong when they think it's against copyright. I even spoke to the vice president of these companies and was told what I'm doing by uploading songs or covers is not illegal as long as I don't monetize it (unless YouTube provides Revenue Sharing) These vice presidents would not steer me wrong. I've never had a problem. I've followed their guidelines of emailing them the URL and they've claimed it and never blocked a single thing or took anything down.