YouTube is building a version of the site that's been reworked to have absolutely no text, save for the YouTube logo. Videos that do appear will be based off of whitelists, so there won't be any chance of accidentally stumbling across something unsavory or scary. At this point it sounds like the project still has a ways to go (it was initially created during a New Ideas week last summer), but it's on the way.
Also a second product that got its start during New Ideas Week: Qik-like live streaming. YouTube has recently been putting a lot of effort into offering live streaming capabilities to content partners, and it's going to begin allowing them to stream content directly from their phones.
John Harding, Engineering Director for YouTube unveiled an nternal secrets: a trophy that gets passed around the engineering team that's called "The Awesome Cup". You can see it in the photo below.
It's pretty self-explanatory -- any time someone does something especially awesome, they'e awarded the cup. It then sits on their desk until they deem that one of their coworkers does something equally awesome, at which point they hand it off. Previous tasks that reached this level of awesomeness include the revamped Watch page and the audio comment preview feature, which was based on an xkcd comic.
Harding also talked about a few of the products that came out of YouTube's most recent New Ideas Week, which was in December. One subtle but important feature concerns YouTube Leanback. I'll now actually start buffering the next clip in your queue while you're watching the first, so there's no lag when you flip to the next video. He says that in all, around 25 projects were conceived during the last Week.