If the video doesn't have annotations and you use the Flash player, you'll even see the video quality drop-down without an additional click:
YouTube's Player, Back to Simple Buttons?
Back in September, YouTube's player grouped controls for annotations, player size and video quality. A few weeks ago, the "large player" button has been removed from the drop-down and brought back to its original position, next to the "full screen" button.
If the video doesn't have annotations and you use the Flash player, you'll even see the video quality drop-down without an additional click:
If the video doesn't have annotations and you use the Flash player, you'll even see the video quality drop-down without an additional click: