The gist is simple: YouTube is crawling blogs and other websites to see which YouTube videos they’re linking to, and has compiled all of the linked videos into an easily-browsable list. You can find the TechCrunch version right here.
The result seems to work well — nearly all of the videos we link to from TechCrunch are related to tech (go figure), so you can think of it almost like a curated channel. Obviously this will change depending on which site you’re looking at (the boingboing feed has all kinds of different content ranging from inkjet print guns to the science behind cute cats).
For context, YouTube does some other interesting things with linked videos — for example, if a video on YouTube starts getting extremely popular on the site because it was embedded on a popular blog, YouTube will automatically insert a link to the blog.