"Video Loading..." display for IE?

I'm using a placeholder for YouTube embed code. In IE, it wants to load the entire video before displaying the video, so there is a white rectangle on the homepage for some time. I'd like to display something for the user instead of a disconcerting white rectangle; maybe a graphic with "video loading".

I guess I would do this with somekind of ajax code in the placeholder?

Where are you getting the embed code from for the YouTube video? There should not be a white rectangle on your page, it should show the default YT still image from the movie. Also, I've never had IE want to download the entire movie before playing, youtube is a streaming server.
Have you altered the code?