From the YouTube BlogNew Features for the YouTube Embeddable Video
Closed Captions are now available in embedded videos like this one:
(My Captioned Video of SuperNanny inserted)
Also Featured:
High-quality start images (thumbnails) – Before you press play on embedded YouTube videos, the thumbnails for the video will be presented in high-quality. We’re pleased with the results – let us know if you agree.
Search in embeddable player – At the close of an embedded video, along with the usual recommended videos and URLs, a search box will appear. Not only will you be able search from within the embedded player, you will be able to watch videos through the same window. That’s right, you can search all of YouTube from the comfort of your favorite blog, news, or humor page.
Integrated video annotations – Annotations enable video producers to incorporate text information into their videos, create choose your own adventure-style stories or add links to any YouTube video. People watching videos through the embedded player can now join the fun.
billcreswell.words 
Awesome! Finally! Bill, maybe you can do a tutorial of how to add closed caption on youtube videos unless there is already one out there.
Lance Pickett
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I just posted some links
https://billcreswell.wordpress.com/2008/11/07/adding-captions-to-youtube-resource-links/
If you would like more information, just comment on that post!
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