If YouTube now allows a longer Duration, it is most likely that Adobe is still working under the older Durational limit. Just Export/Share to the appropriate file type/CODEC, and then manually upload that to YouTube.
It is very possible that PrE 9 will incorporate changes by YouTube, but as they are fond of changing things monthly, maybe not.
NB: This editor doesn't work in Opera 10, rendering the forum useless for Opera users. Thumbs down for that!
My comment here: how you can hard-code this into the application and not allowing this setting to be adjusted dynamically is beyond me.
Keep meditating over this, my lovely Indian programmers, keep meditating.
And seeing how this is a user to user forum any adobe programmers from India, or indeed elsewhere, will not see your comments.
Insanity is hereditary, you get it from your children