I guess more people are wondering about how to get VVQ to use the new YouTube player (v3), so here's how:
1 - Open the following file: vipers-video-quicktags.php
2 - FIND:
'url' => 'http://www.youtube.com/' . $embedpath . $color1 . $color2 . $border . '&rel=' . $rel . '&fs=' . $fs . '&showsearch=' . $showsearch . '&showinfo=' . $showinfo . $autoplay . $loop . $hd,
3 - REPLACE WITH:
'url' => 'http://www.youtube.com/' . $embedpath . $color1 . $color2 . $border . '&rel=' . $rel . '&fs=' . $fs . '&showsearch=' . $showsearch . '&showinfo=' . $showinfo . $autoplay . $loop . $hd . '&version=3&modestbranding=1&autohide=1',
4 - Save & Upload the file to your server
5 - If you're using a cache plugin: delete cached files
That's it!
As you can see, I've also added modestbranding=1&autohide=1. The modestbranding parameter removes the YT logo from the control bar. And the autohide parameter, hides the control bar after a few seconds (after the video starts playing).
For more player parameters, please visit: http://code.google.com/apis/youtube/player_parameters.html