The YouTube app promises to find videos faster and easier, the option to sign-in to see all your subscribed channels including official music videos, and the ability to control the app using your smartphone.

This app will be available in Australia, Belgium, Czech Republic, France, Germany, Greece, Hungary, India, Ireland, Israel, Italy, Netherlands, New Zealand, Poland, Russia, South Africa, Spain, Sweden, and United Kingdom.

According to the press release we recieved, the new features include:

-Search: Finding videos is easier than ever, with search suggestions and instant video results while you type.
-Access to subscriptions: Sign in to find the latest videos from your YouTube subscriptions, which now also includes official music videos.
-Your smartphone as a remote: With a quick pairing process, you can control YouTube on PS3 with a smartphone. Find a video on your phone and with the click of a button it’ll play on the big screen. While the video is playing you can control it from the phone, or keep browsing YouTube for the next one.

Key Features
User Experience: 
• User Interface Optimized for TV
• Video Search
• Ability to Browse and Search for videos while watching
• PS3 Game Controller Support
• HD (Up to 720p)
• Content Flagging
• Closed Caption
• YouTube trending and popular video playlists

Smartphone and Tablet Pairing
• Browse and search for videos on phone/tablet while watching on PS3
• Fling videos to PS3 from smartphone or tablet
• Control video with smartphone
• Comment on phone while watching

Signed In Experience
• Sign-In and Channel Guide
• User’s liked videos
• Watch later videos
• User’s playlists
• Subscribed channels
• Search History

Unfortunately you won’t be able to upload video via this app.