Does the Youtube API seekTo function accept time in float or in frames? Can you drill down up to two decimal places?
Yes, the API accepts seekTo time in float perfectly; it will advance to the closest keyframe before your float, whatever that may be. Here's a demonstration:
http://goo.gl/E4jzu
Seeking to a frame is a little trickier of a beast, as different videos have different fps rates. Since you can't get the fps via the API (unless there's a method I don't know?), it would be too difficult to try to write a wrapper that could convert the frame you want to seek to into a float. If they are your videos, though, and you know the fps rate, it would be pretty trivial.