This is simultaneously really impressive and seemingly obvious. The Tube of You has rolled out a new tab that allows you to trim your videos right on the site -- in the cloud -- instead of doing it locally and (re)uploading. This tab, aptly named "Edit video," should already be live for all global users and allows for trimming, soundtrack-swapping, camera stabilization (!), and a number of basic post-production effects. As far as I can tell, at present there are no NLE features, but who knows where it's headed next. Here's the official word and a brief demo:
Starting today, you can edit your uploaded videos right on YouTube and maintain the same video IDs. This means you keep your view count and comments, and all existing links to your video will continue to work. No re-uploading necessary! Here’s how it works: just click Edit video on the video’s page or on your My Videos page. You can stabilize your hand-held footage, rotate a video, and boost the contrast and colors. Try “I’m Feeling Lucky” for 1-click color correction.