Eric Schmidt and Doug Morris, CEO of the world’s leading music company Universal Music Group, have announced a new portal. The Portal called Vevo will be launched in the coming months; they go online on a joint development of Universal Music and YouTube, on Vevo to find and to produce quality videos

Yesterday, Google has such a maintenance is carried out and some updates installed. These include a new design, HD links, and a new uploader also. Here a quick review of whats new in youtube:
Sign into Youtube with your Google account automatically.
Previously you had to create a new Youtube account or sign in