This is a working youtube field for Drupal 7 by youtube field. Media module provides a different purpose.
- field youtube module (or other similar modules) - which just attach something to an entity, that is not in any central repository or media library, and is automatically deleted when the node is deleted and does not appear anywhere else.
- media module - with media assets which can be reused elsewhere in a site, but than facing problems deleting the media with the the node deletion to which it was uploaded.
The current branch we're working against is the 'princess' branch. sdboyer is working to get displays into a workable situation with subrequest rendering for blocks while EclipseGc and tim.plunkett work get get the existing core block solution more in line with display needs.