The New feature is provided by the Adobe Premiere Express and it allows insertion of Graphics, text and audio too.
Adobe mentions that it is not meant for serious content creators it's mainly for those casual Youtube Uploaders. It is provided by fairly simple Interface, a lil' dull and boring.
This service helps Youtube users to spent more time in their website. It's grey, very dull and uninspiring to me but the view may differ for others . Any how this can be a useful gadget to those who want to edit their Videos a bit.