Even though desktop video applications like iMovie are fairly easy to use, they may not be the best option for making editing tweaks to your already posted YouTube videos. Or say you upload a production directly from your video cam and you want to make some edits before releasing it to the public. Well, YouTube may now very well have the solution you need. Last week it launched a video editing system which allows you to edit your videos from right inside your account. Many of its features are comparable to what you would find in basic desktop video editing applications.
To edit your productions, simply click on My Videos in your YouTube account, and select the Edit video button. From there you are presented with a menu bar of Quick Fix features, that include trimming, rotating, and stabilizing footage.
Editing Features

You can also add special effects like converting video clips to black and white, Sepia, Cartoon, as well as adjusting the exposure, contrast, saturation and color temperature of your selected video. There is also the familiar I’m Feeling Lucky button that will attempt to do a quick fix of color and lighting issues in your production.

In addition to the above, you can even change the audio soundtrack to your video. However, it will overwrite existing audio in your video.

The YouTube editing system displays side-by-side both your original video and a preview of the changes you make. If the changes you make are not to your liking, the Revert to Original button takes you back to where you started.

Here’s a video overview of the features:
Source: Official YouTube Blog
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It looks like a fairly useful option for minor editing. Should save time having to download and re-edit.
I agree. Often times you don’t see tweaks you would like to make a video until after it’s uploaded and posted. However, this is probably useful for those who don’t have the time to edit videos on a desktop editor.
It’s good, but now I can’t add different clips in my videos. I published my intro to Youtube so I can add it in my clip, but now I can’t :(
Hmm, Joey, I’m not sure I understand the problem. What’s preventing you from publishing your intro to your clip?
how long does it take to process a video?
It will probably depend on the size of your video and what type of edits you make.