http://googleblog.blogspot.com/2009/11/automatic-captions-in-youtube.html
http://www.youtube.com/watch?v=kTvHIDKLFqc
You should see both features available in English by the end of the week. For our initial launch, auto-caps are only visible on a handful of partner channels (list below*). Because auto-caps are not perfect, we want to make sure we get feedback from both viewers and video owners before we roll them out more broadly. Auto-timing, on the other hand, is rolling out globally for all English-language videos on YouTube. We hope to expand these features for other channels and languages in the future. Please
http://www.youtube.com/watch?v=kTvHIDKLFqc