I use it all the time. It's one of those things where you used to have to go find a plugin for easy video embeds via shortcode or button (like Viper's, etc), but now just works on its own. Perhaps there should be either an option in Settings to disable it, or a method (shortcode) to use to insert a URL as is that would otherwise get converted via oEmbed. Something like:

[noembed http://youtu.be/lkdjfsldkjf ]