The link http://www.youtube.com/editor gives the editor for your youtube account. As we can see a lis of bunch of uploaded videos from users and option for combining the clips. This is for the videos that are already uploaded into the youtube.

But the ads may appear in videos as it mentioned in the editor bottom

“Advertisements may be displayed on videos that contain soundtracks from the AudioSwap library”

Really good time saver for lot of youtube users who probably used to combine videos offline with other video editors.

Its still in testing phase http://www.youtube.com/testtube

The merged video can be saved into the users youtube directly which eliminates the reupload of merged / edited videos.

The reason is some what not good for social network owners. The main reason for this is the orkut for hosting fake online profiles of Formula 1 racer Rubens Barrichello (there were more than 300 fake profiles under Barrichello’s name on Orkut.).

Brazilian specialists said the amount of damages was the biggest yet awarded for false web profiles and online libel.

It will be interesting to see the next movement of google as it can open a can of worms