The results that appear are You Tube video search results which you can cycle through. It's actually a bit of a better mechanic than the actual You Tube search results page in my opinion.
Here's an example of the search box, above Norwich's excellent victory over Manchester United from a few years ago. I'm definitely not still dining out on it.
Here's how the results appear, still on your site. Surely this could/should be part of Adsense? I suspect this may be the first step towards making You Tube more of a monetizable search engine.
Update: More info from TechCrunch, including how to disable the search bar in embedded You Tube videos, here.
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