I've read that the new version of Quicktime has a high quality codec. Is it worth downloading? Will this improve the quality of my YouTube videos?
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It's not that much different than before - the video component uses h.264 level 3.0.
It probably won't increase your YouTube uploads because YouTube re-encodes virtually everything that is decent quality. There are some hacks around this, and they are in a transitional phase right now so things might change
Check out these threads for more info