Web-based: You don't need to download any third-party applications to your computer. Great for simple converting or for when you may not be able to install applications on the computer, such as in the workplace--but, while everyone I've checked with loves the Swedish Chef, I can't guarantee that your boss will. Anyway, I've just tried this one and can confirm that it works well: www.mediaconverter.com. Converting to simple ol' .avi files are probably the safest bet.
Dedicated applications: These come in flavors for Windows, OS X, and Linux. They probably offer the best results, but it may take some trial and error to discover which ones work best for you, and not all may be free.
Plugins: You need to use the Firefox browser to take advantage of these--but, if you're not already using it, you should strongly consider it--it's free, open-source, and fast. Plus, it's highly customizable--hence the easy-to-use plugins for downloading YouTube videos.
In addition, make sure to read the comments that others have supplied--apparently, some decent utilities were overlooked in the original article. Now, download away!
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