Hello, thanks for this Mod.
I made a slight modification, that I needed for my forum. I put a checkbox in the user profile page, to enable/disable the emebeding.
That way every user can choose to disable it, because embeding videos can make loading threads very painful for users with slower computers.
The modification is only for 2.x versions, but it's probably not hard to make it work for 1.x too.
I'm not sure if this is the proper way of doing it but I attached a .patch file if you want to maybe include it in future versions, or if someone else might want such 'feature'