Youtube is rolling a new feature called video units with embedded Google ads. You can create video channel related to your site’s content and monetize it with Google ads. So far i haven’t seen any active link in Youtube to create these video units. Checkout the Youtube page for more details.
Youtube has a link to Google’s Faq section, but currently it is empty.
Relevant, Premium Content
Deliver high quality video content to your site. Choose categories or have Google target your site content, and decide which categories you want to exclude.
Targeted, Non-Intrusive Ads
Earn revenue from ads targeted to your site content and to the videos being played. Ads appear as part of the YouTube player and outside of the video content to ensure a smooth user experience.
Enhanced User Experience
Bring users to your site more often and keep them there longer with highly relevant, frequently refreshed video from popular content providers.
Customize the color theme and layout of the player to best fit your site.