This is great news, the original 10 minute limit on videos uploaded to YouTube has now been increased to 15 minutes. It was very time consuming to split an hour video into 6 separate parts, now it only has to be done 4 times.
YouTube stated that an increase in the time limit for videos was the number 1 most requested feature on YouTube. They want you to take advantage of this new change by uploading your 15 minutes of fame video to the site and tagging it with “yt15minutes” the best video will be displayed in the featured spotlight on YouTube’s front page for the world to see.
The move to 15 minutes was also influenced by the success of the content ID program created by YouTube to help the music and movie industry identify copyright content on YouTube. Read the full announcement here.
Source: YouTube Blog