A new player is live for some selected videos on YouTube.com. This player is sleeker than the regular version. Here are some screenshots of the new player:


You will notice a new volume control button, which expands to the right as you place mouse over it. A new progress bar is also there. This new player is available for only few selected videos at the moment. If you want to test it, try this video.
Thanks Nitin for the tip. :)
Also see: YouTube.com Redesigned
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Youtube is getting feature rich. I love this video hosting website.