The newest update to YouTube for Windows Phone devolves the app all the way back to where it started where it is essentially just a link to the mobile website. The worst part about this is that it is actually a bit of good news for Windows Phone users, because the YouTube app had been unusable before this update.
There are still 3rd party YouTube apps available that may give you a better experience than accessing the mobile website through Internet Explorer (which is what the app is now). Still, we're going to keep our fingers crossed that Microsoft and Google can finally sort this whole mess out and give the people what they want.
Download: YouTube (Windows Phone)