YouTube has introduced a new video editing feature where users can edit their videos even after they’ve been uploaded.

Now this is some news that gets me excited!I do quite a few videos for my toy blog and there have been plenty of times when I was re-watching one of my videos and wanted to edit something, but didn’t want to go through the whole editing, uploading, losing views and comments fiasco.

They made the announcement on their blog today and walk you through all the details. Here are some of the features:

• Color correction
• Effects (in collaboration with Picnik, my favorite picture editing site)
• Quickly rotate videos
• Stabilize shaky footage

Here’s a video which shows off some of the above features:

YouTube began rolling this out globally today! What do you think about the new YouTube editing features?