It's still lacking a bunch of features but I think it does put a timer on Twitch's HTML5 development.
All of the live streams on gaming.youtube.com seem to be Flash though. At least, all of the five I tried.
Korus has done a pretty good write-up on our website: http://www.the-realm-gaming.co.uk/reviews/youtube-gaming-review/
did you see the contentID T+C's http://kotaku.com/youtubes-approach-to-copyright-claims-could-scare-off-s-1726757133