youtube-subrip
There are already plenty of utilities for downloading youtube videos, but none that I found could rip the overlay subtitles. I wrote this utility to fill in the gap.
The utility is simple — run it with a youtube id (the part after v=), or the entire URL, and a SRT subtitle file will be printed to stdout.
Example:
$ youtube-subrip http://www.youtube.com/watch?v=reWEAbHvrRg > Honey.srt