Fair use is a whole new bag of ugly, which comes down to a lot of factors. One is how much they show. Shows like The Spoony Experiment or the Angry Video Game Nerd, for example, show small clips. Let's Players show the entire game. Another is potential harm to the owner...remember those people I said who watch Let's Plays instead of buying the game? Yeah...

http://en.wikipedia.org/wiki/Fair_use A scan of this basically throws that out the window...I'm sorry but that isn't a leg to stand on.

good arguments.
Like i said Nintendo has/owns the rights.
But in the past they and others helped to create the scene.
Some Player even got their free copies of games.

Lets Play is different from just showing a movie.
Its not only about showing the game one of the major part is
the commentary during the play.

I watch Let's Plays in two situations:
- When I wonder if I want to buy the game and want to see it in action,
- When I really like the game and want to see somebody else playing it with a commentary.
First case - if the game's good, I'll probably end up buying it so - no loss on the dev side.
Second case - I already own the game. No loss on the dev side.

The problem is, neither is an evil, nor lesser. Who, and how do you choose? If one were to choose the baseline, rather than the whole situation perhaps, but I feel in this case, Nintendo needs to tidy its management amongst other problems, and let the people be.

Honestly, I think the issue isn't the videos, it's that you have people making lives off of these videos. Making a living really isn't a small sack of change anymore, especially with the stuff required to produce videos. In a time when making games is becoming more financially difficult in the console market, I think it's harder to simply turn their back on it. Not to mention the fact that you have stockholders who are probably demanding this as well.
I'm not saying everyone does it. But I know a few people that look at some games and say they'd rather watch a Let's Play than pay for it. I admit too, my social circle is fairly small, so mentally I have to multiply this number to a degree, and the fact that I can't imagine making a living off of videos is chump change.

I can't understand this kind of people - the whole point of gaming is that games are interactive :) When I watch a Let's Play of a good game, I want to play it myself, make different choices and do things my way.

Do you also dislike the idea that a musician could make money by playing on a guitar he didn't build himself?

No, it's not a perfect analogy, but my point is that they are not making money off the games but off the videos, which they do make themselves.

That's not even a good analogy. I think the analogy for me would be making money by making a music video off of a song you didn't create and making a fortune off of it. And it still leaves a poor taste in my mouth without sympathy. No, the musician is fine in that regard.
I used Let's Plays to watch the other endings of an RPG when I feel lazy about replaying it 8 times. I own it, I've beaten it, I feel comfortable that way. But watching a game without owning it or without intention of playing it does baffle me.

That's a better analogy, and Youtube actually just signed a deal with Universal Music Publishing Group to make it so everybody gets paid.

'Covering Pop Hits On YouTube Is Starting To Pay'
http://www.npr.org/blogs/therecord/2013/05/13/182880665/covering-pop-hits-on-youtube-is-starting-to-pay

You can see in the article one guy bought himself a car and a house with his pop music cover ad revenue.

Does this affect third party games on Nintendo Consoles like GBA castlvania and final fantasys om nintendo consoles?

So you miss out on games you couldn't otherwise own or obtain legally? Or games so bafflingly obscure, you didn't know they existed until some source brought them to attention?
The dust hasn't settled enough for that to be clear, I'm afraid.

Ok, by Cover, do we mean, the one guy played the music himself and made his music video right?

Because, I'm saying more along the lines of, taking say...fuck I don't know, an artist's song (I don't pay enough attention to music lately), their recording of a song, and making the music video in that regard.

If, based on a Let's Play I find out the game is bad \ not my thing, I don't feel bad about skipping it - but then again, when I don't like the game, I stop watching the LP, because it bores me :)

I own Chrono Trigger. I own it more then once. I do not have the time to replay it 7 times. I beat it once. I simply want to see the other endings.

Honestly, I think that's what you mean, cause I don't get it.

Oh I see. I see little difference between John Doe covering the latest pop hit with his own guitar, posting it on youtube and profiting vs simply re-posting an official music video. They both profit without giving revenue to the original creator.