Flash is miserable on OS X, especially on G5 machines. It's not much better on Windows and, of course, it doesn't work on the iPhone. Adobe's incompetence has earned them a lot of geek loathing.
To use this beta you must be logged in to YouTube and opt in to the trial (this page also lets you opt out). If you're using a supported browser (Chrome, Safari) you get H.264 HTML 5 video rather than Flash. You can't do full screen and videos with ads, etc will still be served via Flash.
I'll report back on my own experiences.
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