I was standing in line for a movie with an iPhone-using buddy of mine, and he pulled out his iPhone to start watching a YouTube video we were discussing. (BTW this is the '3G' iPhone.)
He tapped the YT video result. And we waited.
And waited.
...and waited.
Over a full minute later, I pulled up the same video and not only did it load and play almost immediately (while his took over a minute to load and begin playing) but the speaker volume was still loud enough for us to hear it on a very busy street. (ETA) By the way, when I say busy, I mean big-city major metropolitan area busy with people and cars everywhere. Plus this is somewhere where AT&T coverage should be good. But AT&T blow goats and I've always said so...
