I was unable to get the inline videos working. I pasted a video URL to my WYSIWYG-editor but it was not parsed even though all the settings were correct. I finally got it working when I went to site configuration / Input formats / WYSIWYG / Configure and clicked SAVE even though I didn't change any settings.

I have no idea why it didn't work otherwise. I installed many modules at the same time, maybe Embedded Media Field was installed too soon or something...