Here it is, we finally have a working YouTube player with Google Adsense Video Units.
Link : YouTube Videos
There are a lot of limitations to what videos you will can currently play with this setup.
Basically it is either contextual or based on a YouTube category. It will be interesting to see how this progresses. I like the idea, but as usual with anything new there will be a lot of testing and adjusting to get a system that makes sense to the end user and satisfies Google’s plan for monetizing video.