In the Materials Usage License, the General Guidelines section states the following:
"You may not use the Materials for any sales or commercial use, meaning you cannot receive license fees or advertising revenue, except as part of the partner programs operated by YouTube.com, Twitch.tv, Ustream.tv, or similar programs. If the operator of a partner program seeks to confirm our policy, please point them to this page as we do not have the resources to respond to all requests."
However the Guidelines for Videos section states the following:
"You may not monetize your video via the YouTube partner program or any similar programs on other video sharing sites."
I believe the General Guidelines section is supposed to be the accurate one given the recent changes, however this discrepancy should be addressed to avoid confusion from online content producers.