Finally Google decided to share its revenue from YouTube.
Choose categories or have Google target your site content, and decide which categories you want to exclude. ... Bring users to your site more often and keep them there longer with highly revelant, frequently refreshed video from popular content providers.
Looks like you can't have ads if you display your own video.
The player for ads enabled video can also be customized to suit the website theme and layout.
Here is the screen-shot of the information page.
My adsense account doesn't seem to be updated to incorporate YouTube till now (Is your's updated?). If you don't have adsense account, you can get one by clicking on the white button on top of this page.