Google bought an Irish company called “Green Parrot Pictures” to use some of their technology for their Youtube web service to enhance user uploaded video and correct some of their demerits like Shake, picture quality and frame rate issue.
Green Parrot Pictures have previously worked in Hollywood hits like X-MEN / LOTR / Spider Man and such.
Some of the technology demonstration is been showcased in these below video demo,
httpv://www.youtube.com/watch?v=xLHe8HMhF5A
httpv://www.youtube.com/watch?v=WZjNrHsSwc4
httpv://www.youtube.com/watch?v=WQxki9SvDxc
There wont be any immediate change to youtube with this new technology since Google plans to work with the newly purchased company to bring in new ideas to satisfy the unique needs of a video sharing website.