YouTube's mobile site offers the full catalog of videos from the desktop YouTube site. The latest update adds social sharing features and direct video uploading. 

You need to login  to access to the new capabilities which include the ability to post comments on videos, share videos with other YouTube users or by Email, add videos to my favorites or to a playlist, rate videos and browse the phone's file system to find and upload videos directly from my phone (top images). Direct uploading is dependent on your phone browser supporting the html "input" tag's "file" attribute, which almost all smartphones and many (especially Nokia and Sony Ericsson) feature phones do. If uploading using the YouTube mobile site doesn't work from your phone, you can upload phone videos to YouTube using MMS or Email by following these instructions.

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Source - Wap Review