The wait is over, and you can finally train that Apple Remote of yours on videos of passable karaoke, mind numbing video blog confessions and the genius that is Daxflame. That's right, YouTube is hitting the Apple TV today, an announcement that is totally overshadowed by a little surprise Apple packed into the press release: YouTube is the iPhone mystery app. Sure, it might not be GPS or anything useful like that, but Apple seems to be aware of our addiction and is happy to oblige. YouTube videos can be viewed through an Apple-built application on the phone, and will be encoded in H.264 by YouTube to improve video quality and battery life on mobile devices. They'll have 10,000 videos ready by June 29th, and should complete transcoding the collection by this fall. Videos can be viewed over WiFi or EDGE, we don't want to even imagine the painful load times of the latter.

[Thanks to everyone who sent this in]

Read - Apple PR
Read - iPhone YouTube demo

Apple's Q2 financial results are in, and along with the almost predictable profit and sales achievements -- $855 million in profits, 34% year over year growth, $12.6 billion cash on hand... you know, the usual -- Apple fleshed out a few details about two of its "closed" platforms, the iPhone and the Apple TV. Apple promises to "surprise and delight" users of both with new applications and software features as they go along, many of which will be free. Apple also noted that it's using "subscription accounting" to make sure it doesn't have to relive that 802.11n scenario of charging a nominal fee for upgrades. When asked about how widely the iPhone will be available in June, Apple didn't have a whole lot to say, other than they won't be able to predict demand until they start shipping -- we predict they'll sell a few.