Turns out its a Youtube app. I know this is on the front page, but I didnt see any discussion of it here, but at least we can now recommend our favorite videos to each other. Its up along with the completely new iPhone site as well, all the web demos now have the icon.
http://www.apple.com/pr/library/2007/06/20youtube.html
http://www.apple.com/iphone/internet/?feature=feature05
http://www.apple.com/pr/library/2007/06/20youtube.html
http://www.apple.com/iphone/internet/?feature=feature05
