The YouTube 2.0 update brings:
- Subscriptions and channels: Now you can view and manage your subscriptions (including your subscription to the PlayStation YouTube channel), browse all videos on a specific channel and check out detailed information in the “About this channel” menu option.
- Improved controls: We’ve added new functions on controls including Next/Previous buttons, a loop video option and the ability to browse videos while another is playing, making it easy to select preferred videos without interrupting playback.
- Playlist settings: You can now create playlists and add videos to your playlists, including your Favorites or Watch Later lists.
- Closed captions: Captions help deaf and hard-of-hearing viewers enjoy YouTube videos, and they’re also useful if you forgot your headphones and want to watch videos in a loud (or quiet) setting while on-the-go. Now you can display closed captions when playing videos. Look for the captions icon on the video thumbnail. You can even change the language of captions in the options menu.
- Continuous playback: In the settings menu, you can now enable continuous playback, so your next video selection will start to play automatically.
- PS Vita buttons: You now have the option to use the PS Vita buttons to control playback and menus, which can be enabled in the Settings > System menu.
- Share: Show that you’re tuned in—Tweet, Email or group message your friends the name and URL to the latest video. You can also invite people to check out any channel on YouTube — like the the PlayStation YouTube channel — via group message, so they don’t miss a beat.
- Improved search: You can now use search filters — sorting by upload date or duration, for example — making it easier than ever to find your favorite videos.
Source: USA Playstation Blog