Youtube link import from blogger

Hello,

We are in the process of migrating our blog from blogger to wordpress. One of the only remaining issues is that everywhere a youtube video was placed in blogger. We now have [youtube=http://www.youtube.com/watch?v=O5C60b5mniM&hl=en&fs=1] in our posts for wordpress. WordPress is not replacing the youtube link with a video.

Does wordpress not use the same format as blogger for youtube videos?

If they do, does anyone have any suggestions for a fix to this problem?

If not, what would be the easiest way to replace all my blog entries to work with a wordpress youtube addon? Manually going through 500+ posts does not sound like fun!

Thank you,
Ryan