YouTube Adds Capture App for iPhone and iPod Touch
This is pretty straightforward and comes from the YouTube blog
YouTube Capture is ready to record as soon as you open it. When you’re done filming, write a caption, select which networks you want to share to, and hit Share. Even if you minimize the app, the video will keep uploading in the background. You can control who sees your video by setting it to private (only you can view it), unlisted (only people with a link to the video can view it), or public (to let it shine to the world).
Check out the video.
Gotta admit that as an Android user I don’t understand the Apple first approach on apps like this but hey, what do I know?