YouTube has listened to user feedback and have added another 5 mins to the 10 minutes upload time for videos.
From YouTube blog:
We encourage you to take full advantage of this new time limit by making a video of your “15 minutes of fame.” Imagine that this video is all the world will ever know about you: what would you want to communicate? What will be the enduring stamp you’ve left on us all? Tag your video with “yt15minutes,” upload it by Wednesday, August 4, and we’ll select a handful of people to truly gain their 15 minutes of fame by featuring them on the YouTube homepage in a future spotlight.