Edit: The problem was that the render settings that I used for this video were changed by youtube. Their aspect ratio is completely different from mine and therefore making it view-able in 320p instead of 480p or higher.
EDIT (12:33AM Sep. 2nd 2011): Video will be rendered with Sony Vegas Pro 10 for 1080p and optimized for YouTube's highest standard.
EDIT (2:15AM Sep. 2nd 2011):
VIDEO UPLOADED SUCCESSFULLY AND IS CHECKED FOR QUALITY!
Maximum Quality.
Link: http://www.youtube.com/watch?v=nbmi_b_75gw