I wanted an easy, simple way to reuse the Player API functionality solely in ActionScript 3 or MXML. A Flex-free class for those Flex-allergic projects, and an easy-to-use Flex component for those Flex-loving projects. TubeLoc satisfied both requirements

TubeLoc (a mashup of YouTube and LocalConnection) is an ActionScript 3 library that serves as an adapter to the YouTube ActionScript 2 Player API. You can easily add YouTube video functionality to your ActionScript 3 or Flex applications with either the full-chrome or the chromeless YouTube players. TubeLoc uses the LocalConnection class in communicating with an ActionScript 2 mediator SWF. The ActionScript 2 SWF communicates with the official YouTube API player
http://www.player.youtube-software.info