To become eligible for the program, one simply has to go to this link below and fill out the required elements. Blogger does not allow embedding links so you will have to copy and paste the url below.
Not everyone is accepted into the program unfortunately. Rumor is out that they will reject producers unless they have demonstrated that their videos can pull in thousands of views. I have also heard that a producer should have a couple hundred subscribers before attempting to be accepted.
My first time around with attempting to get into the program was a big dissapointment. i was turned down over a dispute of piracy in the past. The dispute was about a video I directed/produced/edited for a client in 2008 named Mehrana. She had reported that I infringed on her copyright and reported me to YouTube. The whole thing was a big misunderstanding, but enough for YouTube to reject my request into the program the first time around.
Here is that video.
"HOME" MEHRANA MUSIC VIDEO (Quality Version) - Watch the best video clips here
I soon found that YouTube allows producers to re-apply for the program every three months. The second time I applied, they accepted me into the program. Once accepted into the program, I recieved an email requesting me to fill out some information. Information like how I would like to get paid was intuitive and fairly straight forward. After three months of waiting, the analytics and money reports finally went online and ChappyShowcase was up and running. I currently am on month number ten since being accepted into the program, and I can happily report that I receive a check month after month. Although the money is nothing to write home about, I can say that it is fair and honest. What Google says they are going to pay you, is what you indeed recieve. That is alot more to say than most of the other user-generated sites out there.
So if you are a video producer, and want to get in on the monetization party, then go for it. Just be aware that you might get rejected, and that it's not a right, but a privelage to be in the program. So piracy and illegal activities won't be tolerated.
Hope this helps!