As referred to in YouTube API for Drupal on the Way, beeradb has now opened the YouTube API module for development. He and I have been working to polish it up and make it ready for release.
You can take a look at the YouTube search on this site if you want to try it out! You can currently search YouTube for tags or users from the form, and see the results right here.
Obviously, that’s just the tip of the iceberg. There are some cool things planned for it in the near term, such as integration with Media Mover, Embedded Media Field, and yes, Rob, I haven’t forgotten about Annotation Field…
And of course, the holy grail of single site integration of a YouTube video upload from your browser…