Well, guess this plugin is toast. There's another thread that already talks about the conflict with php 5.4 and how that is killing this plugin on Dreamhost and hostgator among many others (xampp too).
It was pretty good and reliable while it lasted.
Now for the ugly process of rebuilding all those posts without the youtube video link include in the actual body of the post. (always the big risk of using this plugin in the first place)