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This is a browser extension to remove banner and display ads from the YouTube website and embed advertisements from YouTube's HTML5 and Flash players. Please note that is not a general-purpose adblocker. This extension only removes advertisements on YouTube web pages.
Compare to an AdBlocker, this extension is very lightweight in terms of memory and resource usage. If you have a slow computer and you would like to ads to be gone, use this extension.
Technical notes: The observer of this extension only works when you have at least one YT web page. Also, it only has two regular expression rules to improve the performance and prevent the observer from slow down your browser (compare it with hundreds of rules a general-purpose adblocker needs to install to operate).
Permissions Explained: Although this extension only works on YT pages, it still requires all "hostnames" permission. This is a must-have since the origin of the advertisement could vary by your location (localized hostnames).