We added this to our Joomla 1.5-CB 1.2 site, and are VERY pleased! Not only does it allow for our community to share thier own video playlists from external sites (Which saves us server space and bandwidth) and is nicely configurable, but also the Authors' website was quick with response, and thorough as well. (He made a FAQ complete with screenshots in answer to our question). Color-Skinable, Full-Screen works well, Volume-Preset, etcetera make for some nice configurables.
Though a seeming newborn extension for CB 1.2, it's well worth the install and has a potential. We recommend it to other Joomla 1.5/CB 1.2 admins quite highly!