Please allow me to correct mysellf (slaps face):
flickering is NOT related to GOP size, NOT in this case anyway and certainly NOT in this context with the specific container/codec combo!
Terribly sorry about misinforming you 
Background: I’ve been doing a lot of webm encoding for the past two years (videotutorials) and the signle most infuriating setting was/is the GOP size. Setting it to 1 (i.e. every frame is a keyframe) results in constant (per second) flickering which makes the video hard to watch. Through trial and error (due to lack of documentation proper) I’ve settled for values between 500 and 1000. They make the video hard to index/navigate but make the flickering less noticable (i.e. every 10 secods or more).
The truth is that the youtube settings mentioned puzzled me. In my experience, using a low bitrate and a small gop value (less than the fps value) would be a recipe for disaster with a webm container. So I tried these settings with an avi container. I actually encoded a lossless videotutorial using the following settings:

As you see, I doubled the bitrate to 12mbps and increased the minimum to 6mbps and left the gop size at the default value.
Then I uploaded the video to youtube and checked the results. Contrary to expectations, there was NO flickering whatsoever! :0
The image was very stable, it’s quality was very high (despite youtube recompression). Ain’t this a kick in the head or what? 
Anywayz, I used mediainfo to check the actual encoding settings used by Blender’s ffmpeg version. Another suprise:
General
Complete name : /video_test.avi
Format : AVI
Format/Info : Audio Video Interleave
File size : 19.0 MiB
Duration : 1mn 57s
Overall bit rate : 1 353 Kbps
Writing application : Lavf54.29.104
Video
ID : 0
Format : AVC
Format/Info : Advanced Video Codec
Format profile : [email protected]
Format settings, CABAC : No
Format settings, ReFrames : 4 frames
Codec ID : H264
Duration : 1mn 57s
Bit rate : <b>1 147 Kbps</b>
Nominal bit rate : 12.0 Mbps
Width : 1 280 pixels
Height : 720 pixels
Display aspect ratio : 16:9
Frame rate mode : Variable
Frame rate : 25.000 fps
Color space : YUV
Chroma subsampling : 4:2:0
Bit depth : 8 bits
Scan type : Progressive
Bits/(Pixel*Frame) : 0.050
Stream size : 16.1 MiB (85%)
Writing library : x264 core 118
Encoding settings : cabac=0 / ref=2 / deblock=1:0:0 / analyse=0x3:0x113 / me=dia / subme=6 / psy=1 / psy_rd=1.00:0.00 / mixed_ref=1 / me_range=16 / chroma_me=1 / trellis=0 / 8x8dct=1 / cqm=0 / deadzone=21,11 / fast_pskip=1 / chroma_qp_offset=-2 / threads=1 / sliced_threads=0 / nr=0 / decimate=1 / interlaced=0 / bluray_compat=0 / constrained_intra=0 / bframes=3 / b_pyramid=2 / b_adapt=1 / b_bias=0 / direct=1 / weightb=1 / <b>open_gop=1</b> / weightp=2 / <b>keyint=15 / keyint_min=8</b> / scenecut=40 / intra_refresh=0 / rc_lookahead=15 / rc=cbr / mbtree=1 / bitrate=12000 / ratetol=1.0 / qcomp=0.60 / qpmin=10 / qpmax=51 / qpstep=4 / vbv_maxrate=12000 / vbv_bufsize=1835 / nal_hrd=none / ip_ratio=1.40 / aq=1:1.00
Audio
ID : 1
Format : AAC
Format/Info : Advanced Audio Codec
Format profile : LC
Codec ID : FF
Duration : 1mn 57s
Bit rate : 256 Kbps
Channel(s) : 2 channels
Channel positions : Front: L R
Sampling rate : 44.1 KHz
Compression mode : Lossy
Stream size : 2.69 MiB (14%)
Alignment : Split accross interleaves
Interleave, duration : 23 ms (0.58 video frame)
As you see, open gop is automatically set to 1, the GOP size is indeed set to 15 but it seems that a value of 8 frames is also automatically set as a minimum GOP size by Blender. Unfortunately, these options are not directly accessible from the UI --if they are accessible at all (need to check that out -for instance it would be great if we could change the qmin & qmax values from the UI but oh well).
Consequently, with an AVI container (haven’t checked with matroska or mp4), the recommended youtube settings are very conservative regarding the bitrate but NOT regarding the GOP size. I was dead wrong there.
The obvious solution would be to double or even triple the bitrate and then upload your video to youtube. This is because it will be re-compressed and you need to take that into account. For instance, I downloaded the video which I uploaded and checked the encoding info:
General
Complete name : video_test.mp4
Format : MPEG-4
Format profile : Base Media / Version 2
Codec ID : mp42
File size : 11.0 MiB
Duration : 1mn 58s
Overall bit rate mode : Variable
Overall bit rate : 780 Kbps
Encoded date : UTC 2013-04-15 20:54:14
Tagged date : UTC 2013-04-15 20:54:14
gsst : 0
gstd : 118141
gssd : B4A7D0BE1HH1366147749616561
gshh : r2---sn-nv47ene7.c.youtube.com
Video
ID : 1
Format : AVC
Format/Info : Advanced Video Codec
Format profile : [email protected]
Format settings, CABAC : Yes
Format settings, ReFrames : 1 frame
Format settings, GOP : M=1, N=60
Codec ID : avc1
Codec ID/Info : Advanced Video Coding
Duration : 1mn 58s
Bit rate : <b>586 Kbps</b>
Maximum bit rate : 4 604 Kbps
Width : 1 280 pixels
Height : 720 pixels
Display aspect ratio : 16:9
Frame rate mode : Constant
Frame rate : 25.000 fps
Color space : YUV
Chroma subsampling : 4:2:0
Bit depth : 8 bits
Scan type : Progressive
Bits/(Pixel*Frame) : 0.025
Stream size : 8.24 MiB (75%)
Tagged date : UTC 2013-04-15 20:54:17
Audio
ID : 2
Format : AAC
Format/Info : Advanced Audio Codec
Format profile : LC
Codec ID : 40
Duration : 1mn 58s
Bit rate mode : Variable
Bit rate : 192 Kbps
Maximum bit rate : 202 Kbps
Channel(s) : 2 channels
Channel positions : Front: L R
Sampling rate : 44.1 KHz
Compression mode : Lossy
Stream size : 2.70 MiB (25%)
Title : IsoMedia File Produced by Google, 5-11-2011
Encoded date : UTC 2013-04-15 20:54:16
Tagged date : UTC 2013-04-15 20:54:17
Their encoder put it into an mp4 container with an h.264 codec but the bitrate dropped considerably compared to the originally uploaded one (1.1 mbps vs 0.586 mbps).
Again, sincere apologies for providing incorrect info on this one.
Hope this helps.