This makes it permissible to embed the videos into learning materials as the YouTube player is the means by which this happens, in contrast to downloading and converting them to another format which is not automatically permitted.
This is, however, on the basis that the video has been uploaded with the permission of the rightsholder and thus not infringing copyright in the first place.
This link illustrates some of the legal confusion and complications of authoring OERs. The Xerte tool referred to is an open source authoring tool that I used on H810
Patrick talks about OER research, the use of open social tools for collaboration around OER, and the role of CC as a flexible yet straightforward mechanism for communicating rights.