A netiquette question

When you watch a video posted on Youtube.com, is it okay to embed the clip in your blog, or is it best to just post a link to the video?

I've embedded a couple of movies here that I discovered on youtube (or were shared with me), and now I'm wondering if this violates their copyright?

I would really appreciate hearing from others on this question. And until I do, I plan to remove the embedded videos and simply post a link.

Thanks for your input!

EDIT: 1/22/08

I wanted to thank Shawna for letting me know that anything posted on YouTube is considered public domain and is okay to embed in posts. Thanks, Shawna!