The iPhone will feature a YouTube application for streaming videos wirelessly over WiFi or EDGE networks, Apple confirmed today in a press release. (…)

The iPhone “How To” commercial reveals on the phone’s home screen the presence of a 12th mystery app, as discovered by Dr. Macenstein earlier this week. (…)

I just dug up this article from August 2006 where Robert Young suggests Steve Jobs should buy YouTube because “the online video phenom can be to the video iPod what iTunes was to the audio iPod.”
Young said YouTube could also be a platform for a “highly-coveted stream of online ad revenues, particularly within the fast-growth, high-CPM video ad segment.”
Young’s article was written before Google bought YouTube, so a buy-out isn’t looking too good for Apple now. (…)