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Dunno if it's the best, but 'Fastest Free YouTube Downloader' is what I use.

Works really well the last time I used it.
 
OP just use MPEG Streamclip. The latest version has been crashing on some youtube videos for me but it usually picks it up on the next go around. Allows you to select stream type as well.
 
OP just use MPEG Streamclip. The latest version has been crashing on some youtube videos for me but it usually picks it up on the next go around. Allows you to select stream type as well.

If you use the latest beta, it seems to work.
Here is a video on how to do this, as I didn't know that before. Thanks Eddyisgreat. Now all they have to do is implement this into their Batch List option, that would be great (or would have been two years ago, when I had do download dozens of YT videos and had to transcode them for proper editing for work).
 
I use ClickToFlash in Safari, so whenever I want to download a video off YouTube, I just right click and choose "Download Video" and Safari starts downloading a nice .mp4 H.264 file. Simple as that.

PS: The weird language in the top sections of my right click menu is Danish.
 

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