The new suite of tools allow you to manipulate your videos in a number of ways including color correction, image stabilization, music audio track switching, and it offers a nice menu of filters to enhance the look of your videos.
via YouTube’s new effects menu makes everyone a video editor | DVICE.
As we mentioned then, it’s been possible to watch videos with friends since the beginning of Google+, through a more complicated manual process that must be initiated in Google+. But this new button allowing you to initiate hangouts from YouTube with a couple of clicks makes it considerably easier.