Once the button is clicked you merely enter the URL and select the video dimensions for your blog which you can get by looking at your blog style.css to determine the post content width. Take about 25 px away from that to account for margins and set that as your custom dimension sizes in the YouTube video URL.
Then you are done, and your shortcode will be inserted with your video integrated with you WordPress blog post.
Here is a video demonstration on using the Viper’s Video Quicktags plugin for WordPress to insert video media directly into your blog posts:
[youtube width=”550″ height=”339″]http://www.youtube.com/watch?v=e1iHRo8laf8[/youtube]
Let me know if you use the Viper’s Video Quicktags plugin or another plugin to embed YouTube video’s on your WordPress blogs.