Userforms does a basic str_replace on the content (https://github.com/silverstripe/silverstripe-userforms/blob/master/code/model/UserDefinedForm.php#L385) but a better method would be to use ShortCodes.
http://www.ssbits.com/tutorials/2010/2-4-using-short-codes-to-embed-a-youtube-video/
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