Youtube app, Youtube mobile and html5

Has anyone tried the new html5 based youtube mobile? You can also join the beta from your computer and watch any videos in html5 rather than flash if able. This has to be very important for the iphone/ipod touch, i tried it myself on the desktop version of the site with my ipod and i could watch videos just like on my computer! The only downside is that its still a different video file used and until youtube switches to html5 permanently we are going to have speed issues im afraid