Heh, yeah. That and videodownloadhelper and I've got ad-free offline videos. Go me!
Haha! Yes. I've been using
this site. I even downloaded my own videos with this, after YT converted them, at 720p and 360p. The 720p ones are significantly smaller than the originals, run better on my old dinosaur, and still look about as good. Conversions are immediate too, or maybe during the slow upload process. (My Roadrunner up bandwidth is puny.) Whatever tech they use is pretty impressive. I even get this offer to smooth out the videos, which I've refused up to now. I wonder what it does.
Anyway, I hope nothing changes too much for the worse. That article you linked has a lot of details. If everyone's being forthright, this should all be mostly good stuff.