YouTube has launched an online editor built by Adobe: YouTube Remixer. The application, also known as Adobe Premiere Express, was written by Adobe using Flex, and is nearly identical to Photobucket's Remix tool. Adobe Premiere Express allows online video sites to embed an editor, built by Adobe, into their site so users can easily more complex videos, with transitions, music, photos and titles.

TechCrunch has some more details, along with a few interesting comments.