Anyways, based on the official announcement, going forward you can link to the favourite part in the video instead of linking to the entire video.

For example http://www.youtube.com/watch?v=VUjoXlnk0H0#t=0m15s, this link will start the video from the 15 seconds onwards instead playing the video from the beginning. Notice the additional parameters #t=0m15s. That is what tells the player to start the video at the 15th second onwards, You can change it to #t=1m15s to start the video at 1 minutes 15 seconds onwards.

Now that’s a good one to have right? Now you can pinpoint the part you liked in the video instead of sending the entire video to your friend.