For my purposes [bw_video] beats the pants off the embed shortcode any day. Well, it used to, until I tried viewing it on my iPhone.
For a number of different reasons I believe that my [bw_video] shortcode
[bw_video url=http://www.youtube.com/watch?v=3o2qbrvNzn4 width=330 height=250]
or the Jetpack equivalent
[[youtube=http://www.youtube.com/watch?v=3o2qbrvNzn4&w=320&h=240]] [youtube=http://www.youtube.com/watch?v=3o2qbrvNzn4&w=320&h=240]
beats the pants off [ embed width=”320″]http://www.youtube.com/watch?v=3o2qbrvNzn4[/embed ] any day.
For more information on [bw_video] see the oik-video plugin