I have used this plugin on a few different sites. It works great, looks really polished and it's amazingly free.
I just discovered that it is possible to use it to make a video pop out of link text- which is not listed in their tutorial I don't think. Here is the shortcode example using vimeo...
[video_lightbox_vimeo5 video_id="YOURVIDEONUMBER" width="640" height="480" anchor="click here to open vimeo video"]
Probably YouTube would work too using the same concept.
Also, check their tutorial to learn how to use the lightbox for images too (using html and not shortcodes)
By the way, there is one problem that I have found with this plugin. sometimes when the video lightbox overlaps another video the border of the lightbox gets hidden. Something to consider if you are planning to have a bunch of vids on one page. Otherwise awesome plugin.