GSoC idea: Improve Media:YouTube (browser upload support and more)

So, here's an idea for anyone still not sure about what they could/should do this summer of code.

Media:YouTube is a module providing YouTube support for the Media family of modules.
It's nicely written and has some popular and needed functionality.
However, something is missing, and that something is upload support.

There are two ways to upload a file to YouTube:
1) Direct upload - In this case, the file gets transfered to the server, then Drupal uploads it to the service. The admin gets a chance to inspect the content and remove it if he suspects it might violate the YouTube terms of use. This is handled nicely by the Media Mover module.

1. Browser upload - In this case, the file gets uploaded directly to YouTube, and after the upload is complete, the reference to the file (ID) gets stored in the Drupal database. Huge bandwidth savings, with the downside of not being able to inspect videos before they go to YouTube, so users can upload content that might violate the terms of use, and get the account banned. Fine if each user gets his own account, bad if there is only one account for the site.
   This method has proven to be quite popular, with huge demand within the Video Upload module (see below).

Browser upload has so far only been implemented in the Video Upload module, for D6, by me.
I consider Media to be a superior solution for D7, but haven't had the time to implement browser upload because of time constraints. This is where you, summer of code student, come in :)

So the idea is to implement browser upload in the D7 version of Media:YouTube. It should be possible to have a youtube account associated per user, or just one per site.
If time permits, there are plenty of ways to further improve Media:YouTube until the end of summer, giving you the chance to work on an important and interesting D7 project.

Willing to mentor.