It gets better when you can monetize your site by embedding youtube videos onto your site. There are 2 formats of the ads, namely “InVideo overlay ad” and “Text overlay ad”. When visitors clicks on a video ad, you get a share of what an advertiser is willing to pay Google.
AdSense for video will use the InVideo ads adopted on our own property, YouTube, which enable advertisers to make a single buy at scale. Also competing in the auction – and unique to AdSense for video and AdSense video units – are text overlay ads which are contextually targeted to signals in your videos and on the page where the video lives. The InVideo ads are paid on a CPM basis, while the text overlay ads are paid on a CPC basis. You can see ad demos here. While we’ll continue to test a variety of ad formats, we believe that overlays are the best way to balance user experience with the needs of our publishers.
The video ad formats demo can be found here
Who can apply?
AdSense for video is now available to publishers who, at a minimum, serve one million video streams each month and are based in the U.S. with English language sites. In the near future, we do plan to expand the program to more publishers of various sizes and locations.
So unless you have a site which embeds and serves lots of videos streams from YouTube, you might still need to wait before this is release to the major public.
Official news posted on Google Adsense Blog here.