Go forth and embed...

... youtube just updated their code, which makes it easier for us to enable video embedding. From now on, you should be able just to paste the embed code. You can still post the link and it will be ... automogrified ... into an actual youtube video.

In fact, some other tweaks were implemented that should allow embedding from OTHER major video sources. Try it out, and if it doesn't work, complain loudly until we fix it. Seriously...