The old method is actually still valid and won"t be removed though this button option (in the row of grey buttons) is removed.
The new methoded uses this tag:
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[shareyoutube]http://youtu.be/J4HzBwlD3mU[/shareyoutube]
To get the URL, don't go to the URL at the top of the page, instead in youtube click the SHARE option (below the video) and a URL in the format (youtu.be) will be displayed - copy and paste... and then use these tags (preview.. and when all is well, post.
The video size is also a bit bigger that with the old embed option.
Here is the new code in it's glory
and for comparison, the old code
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[youtube]http://www.youtube.com/watch?v=J4HzBwlD3mU[/youtube]

