Best way to use the Keyword Planner

Now that Google has long done away with the Keyword Tool for YouTube, I find myself using their Adwords Keyword Planner for ideas. The problem is, I'm not fully sure how I'm using it correctly or exactly how it is best used.

If I enter a keyword into the 'Product or Service' line, it lists a bunch of ad groups, their keywords, average monthly searches, how high/ low the competition is, and what they recommend your ad bid to be.

As I'm trying to maximize revenue from my videos, I can only assume that I should be using the highest paying keywords that also happen to have the highest search results, but what about competition? Is that something I should consider and, if so, should I be looking for high or low?

Any insight or advice would be greatly appreciated. Thanks.

The high comp. in the Google Keyword planning tool suggests the high number of advertisers competing for a KW, which means there are more advertisers for that KW who are competing with other advertisers. The higher the competition the higher the number of advertisers, and so will be the cpc. It doesn't in any way indicate the difficulty of ranking a KW.