Yesterday, YouTube announced that it was extending the allowed length of video that users can upload from 10 minutes to 15 minutes.
Couple of things to note from the official announcement. Firstly, if you have had a video rejected because it was too long, you need to go and delete it and upload it again.
Secondly, if you take advantage of your ’15 minutes of fame’, you may want to tag you video with “yt15minutes”. If you do by 4th August, YouTube will pick a few for a spotlight on thier homepage.
Heres a link to the official announcement http://youtube-global.blogspot.com/2010/07/upload-limit-increases-to-15-minutes.html