If you’re having problems posting flash content (such as YouTube videos) into posts and pages under WordPress 3 and until the unfiltered_mu plugin has been updated then here is a fix you can use.
Open /wp-includes/kses.php and add these array items to the $allowedposttags array (around line 43):
'embed' => array( 'width' => array(), 'height' => array(), 'id' => array(), 'align' => array(), 'src' => array(), 'FlashVars' => array(), 'quality' => array(), 'bgcolor' => array(), 'name' => array(), 'allowScriptAccess' => array(), 'allowFullScreen' => array(), 'type' => array(), 'pluginpage' => array() ), 'object' => array( 'width' => array(), 'height' => array(), 'id' => array(), 'align' => array() ), 'param' => array( 'name' => array(), 'value' => array(), ),