Normally when you get a Youtube feed, it will display the description/title from the YT video. However, I want a post to be generated when a new video is posted on YT so that an admin/editor can go back and change the title or add a teaser.
If working with wp_insert_post and the youtube api is too much work, or too complicated, you may be interested in the plugin called "Automatic Youtube Video Posts" (AYVP).
It has been working quite well for us. There are some bugs (nothing critical) and it is not the most efficient plugin, but it does exactly what you need and if you need a quick fix it does the job well enough.
Writing a custom plugin is still on my to do list, due to the efficiency concerns and because AYVP isn't exactly what we needed, but thus far it is close and good enough to keep that from becoming a priority.