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Where VIDEOID is the ID string of the youtube video that you want to share in your post. So for example, let's say I want to share the video at the following link: http://www.youtube.com/watch?v=Aok94zFs9Jc . The VIDEOID is that string of random characters that follows after "watch?v=". In this case, that is Aok94zFs9Jc. Note that sometimes youtube embeds additional text after this ID string (such as "&feature=related" or something). You don't want to include that part. So now to embed this video in this post, I would type:
There is also now a "Youtube" button at the top of the post editor form. Hover your mouse over it for a reminder of how to use it, and you can click it to automatically insert the "youtube" BBCode tags at the cursor location. Also, make sure that you don't have the "Disable BBCode" option checked for your post, otherwise this won't work. It's unchecked by default, so you shouldn't need to worry about it.