Setting a wmode parameter when embedding via the YouTube iframe (see Youtube iframe wmode issue) appears to no-longer work, at least in Chrome 14 and reportedly IE as well. I've created this jsfiddle to demonstrate the problem: http://jsfiddle.net/HYPBb/1/. Note how the div does not overlap the Flash within the iframe.
Is this a known issue? There doesn't seem to be a developer forum on YouTube's site to report this. Is there now an alternative way to fix this problem?
The problem was that in moving over to the new iframe embedding, I didn't properly convert the URL. If the Flash URL looks like this:
The iframe URL should look like this:
The updated jsfiddle shows that the wmode query string parameter now works after converting the URL.