jQuery: finding all youtube.com links and replacing them with flash video

$(function(){
    var vidWidth  = 459; // youtbe video width
    var vidHeight = 283; // youtube video height
    var obj       = '<object width="' + vidWidth + '" height="' + vidHeight + '">' +
        '<param name="movie" value="http://www.youtube.com/v/[vid]&amp;hl=en&amp;fs=1">' +
        '</param><param name="allowFullScreen" value="true"></param><param ' +
        'name="allowscriptaccess" value="always"></param>' +
        '<param name="wmode" value="transparent"></param><em' +
        'bed src="http://www.youtube.com/v/[vid]&amp;hl=en&amp;fs=1" ' +
        'type="application/x-shockwave-flash" wmode="transparent" allowscriptaccess="always" ' +
        'allowfullscreen="true" width="' + vidWidth + '" ' + 'height="' +
        vidHeight + '"></embed></object>';
 
    $('#blog .post').find('p:contains("youtube.com/watch")').each(function(){
        var that = $(this);
        var vid = that.html().match(/(?:v=)([\w\-]+)/g);
        if (vid.length) {
            $.each(vid, function(i){
                that.replaceWith( obj.replace(/\[vid\]/g, this.replace('v=','')) );
            });
        }
    });
});