Per the description within the App update on my iPhone 4S the updates, version 1.1.0.4136, includes;
-Streaming video with AirPlay
-Tap logo to open your Guide of channels
-Add and remove videos from your playlists
-Clickable links in video descriptions (I know that's a welcome addition for me)
-Improved accessibility with VoiceOver
The YouTube app was pre-loaded by default on all iPhones since 2007 but recently with iOS 6.0 Apple dropped it and it made it's debut within the Apple Store in September of this year.
Having a standalone App allows YouTube to provide updates to it's App like it did with this one instead of having to wait for an iOS update like in the past. The free updated App is available now in the App Store so what are you waiting for, go download that update!
-Ubu out
