More channel updates have been released since our last post:

   * Honors are back
   * Video thumbnails are now a little larger based on feedback
   * More interaction options underneath the video player, including a more prominent link to the standard "watch" page
   * You can now feature a video by URL
   * Plenty of bug fixes (e.g. most people with buggy / broken layouts should now be fixed)

http://youtube-channels-beta.blogspot.com/2009/05/more-channel-updates.html

"You can now feature a video by URL" This has been changed, now you can just select an video from a dropdown containing al your uploaded videos. Entering a URL is not possibile anymore.