Looks like more updates are coming from YouTube today, this time they have announced updates to Annotations.
You can view the official blog entry here.
As for what's new: the Annotations Editor has a new look, there are more box colors, and there are also new font editing options, including font size and color.
On the (somewhat) downside, the Collaborative Annotations feature is being discontinued.
Are you someone who is new to YouTube and are a bit unsure what Annotations are? Here's a video I made about a year ago giving the basics of the feature. Yet once again, YouTube has changed the way things look for a feature that I made a video about. That's probably why I haven't made a help video in a long time, but these videos are still helpful, and I can use annotations to describe changes made since I uploaded the video.