Enhance your site with high quality, relevant video content from YouTube partners, and earn extra revenue along the way…. 
That’s the whole idea of Google.
YouTube now offers website publishers to create a custom video player and add their adsense code to deliver targeted ads atop the video being played. Web Publishers can also choose the category of video to be shown, or let Google automatically target ads based on the content. The text-based ads would be shown above the video player, which can also be customized to match the look and feel of the publisher’s website.
At the time of writing this post, this feature is available only for a select few registered YouTube users.
You’ll need to sign up for an AdSense account to start using Video Units.
More Info on YouTube
Keep up the good work.
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Anyone making money off this ? i tried and found it quite profitable
Hei this my adsense player in youtube.com
Interesting blog. Thanks for the link as well.
Cheers,
Vaibhav
http://technofriends.wordpress.com