Shortly after I posted the above, I saw my first ad on a YouTube mobile video. Looks like the full skip able ones rolled out 8/22, not sure if this also works on the desktop HTML5 side.

http://techcrunch.com/2012/08/22/youtube-trueview-skippable-ads-mobile/

Also, the new YouTube app for iOS is also out, with the same ad support.

http://techcrunch.com/2012/09/11/youtube-iphone-app-ads-exclamation-point/