Agreed, first week out of the gate it was a feature stripped train wreck that also crashed every half hour.
The problem I have with Google products is the one of constant reinvention. Every 6 months - 1 year they roll out the next Gmail, due to the next "A-team" developer group working on reinventing web email.
Youtube post google-buyout is the worst, they reinvent the website, ignore the actual common problems people experience from the service. They just now, in the past month, added a play icon to show which tab was playing a video. They will never fix the oddities with the buffering and streams until they actually sink some serious dev time into HTML5 (and better) video player logic. I personally have to fight with my Youtube quality setting because it doesn't understand how and when to switch quality settings.
But god help them they'll redesign the way you can roll over videos on your intro page. Every god damn update.