Remember that the update is based on your phone's resolution and screen size and for some models that qualify for the update, there is a quirk that won't let you install the update from the Android Market. Still, this seems to be an important download to try to get because for some YouTube fans who have been having buffering difficulties when watching the streaming videos over 3G, some are claiming that this update has eliminated this lag.
Let us know if you have been able to install the YouTube update and what changes you have noticed, if any. You can give us all of those details in the comment box below, and if you don't mind spending an extra minute or so, let us know which device you are currently sporting.
source: AndroidMarket via Engadget