I implemented a pure CSS solution which works great.
Here is an example of code in my view using the iframe code generated in YouTube.
<div class="video-container">
<iframe width="300" height="168" src="http://www.youtube.com/embed/MY__5O1i2a0" frameborder="0" allowfullscreen></iframe>
</div>
Here is an example of code in another view where instead of using iframe I used the body field generated from the AutoHtml gem, which is used for embedding different types of video links into a web page. This is good if you have a model where a link needs to be dynamically embedded into the same web page.
<div class="video-container">
<span style="text-align: center;"><%= @livevideo.body_html %></span>
</div>
Here is the CSS code:
.video-container {
position: relative; /* keeps the aspect ratio */
padding-bottom: 56.25%; /* fine tunes the video positioning */
padding-top: 60px; overflow: hidden;
}
.video-container iframe,
.video-container object,
.video-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }
Here is the YouTube video which explains in great detail how the code works and give one or two blog posts to check out.
http://www.youtube.com/watch?v=PL_R3zEjqEc