On recommendation from wutaku, I’ve installed the WP-Youtube 2.0 plugin created by Jens Törnell.
The plugin works beautifully. In the YouTube Profile manager, you can assign color to the video player and save it under a profile to be used by any poster. The actual code to post up a video is pretty intuitive–[profile]YouTube ID[profile]. The YouTube ID is the code seen at the end of the URL from the YouTube links. Once published, that piece of code magically changes to the YouTube video!
What’s awesome is the auto-start option that can be set for a profile where the video plays once the page loads. If I were cruel and evil, I could set up one such profile and Rick Roll visitors on the jump!