seeso, you're not the only one.
http://www.google.com/support/forum/p/youtube/thread?tid=17e0364d26a0016d&hl=en
Add the chords & call them "educational."
Looks like that's not good enough. Someone posted in that link:
I have made a video explaining how to play this song 'hotel california" for education with annotations.
YT has blocked it and asked me to delete it last week.
Found an interesting site devoted to info on youtube takedowns.
youtomb
seeso, see their blog entry for 2-4-09. It's an intriguing idea. What if
you voluntarily replace your covers with a vid about the copyright issue? Spread awareness, and also you'd be able to preserve your visitor comments, inbound links would still get to a page by you instead of a "removed" notice, etc.
In the info box you could just add that the original material was removed. I would think if the video itself is removed, it would be okay to leave the original verbage, keyword tags and such, and it would still be found by someone searching on a specific artist or piece. And if you find an alternative host, you could always put a link to it.
Reluctantly, I say you should take down all your covers. This is your last warning from them. Even if youtube isn't going to proactively police all the vids on your channel, you've been hit twice and will likely be again. Honestly, you have too much good stuff to offer to risk having your account terminated without notice for a third strike.