Adobe has given up on Flash iPhone and why shouldn’t they? Everybody’s converting to HTML5! While some videos are playable through HTML5 before, this is the first time YouTube Mobile has embraced it over Flash:

Check out the full set of features as per YouTube themselves. If you haven’t, I suggest you grab your iDevices now and check it yourself.

Highlights

• It’s really fast.
• The user interface incorporates larger, more touch-friendly elements, making it easier to access videos on the go.
• It incorporates the features and functionality you’ve come to expect from the .com site, like search query suggestions, the options to create playlists, the ability to designate favorite, like or unlike videos directly from your device.
• As we make improvements to Youtube.com, you’ll see them quickly follow on our mobile site, unlike native apps which are not updated as frequently.

So what can you say about this update? Pretty cool huh? Just another day, another website sticks it to Adobe.