YouTube.apk has ads, and all the sharing options and comments, etc. Yet it still manages to be mostly about the video, and is superior by far to it's current iOS counterpart; so I wouldn't worry about it.
I find it interesting that my 5 year old son prefers the YouTube app on my iPhone to the one on my Galaxy Tab, even though the screen is obviously smaller on the iPhone. I don't really know why. He seems to find it easier to navigate.
