YouTube Subtitle Text Search

Use "Network inspector" function of your browser's script debugger and find second request to timedtext page after enabling transcribed subtitles then just copy all that request to the addressbar to download them in native YouTube xml format.

To get SRT version run this code in the debugger console for that xml's page:

function makeTimeline (time) {
    var string, time_array = [], milliseconds = Math.round(time % 1 * 1000).toString();

    while (3 > milliseconds.length) {
        milliseconds = '0' + milliseconds;
    }

    time_array.push(Math.floor(time / (60 * 60)));
    time_array.push(Math.floor((time - (time_array[0] * 60 * 60)) / 60));
    time_array.push(Math.floor(time - ((time_array[1] * 60) + (time_array[0] * 60 * 60))));

    for (var i = 0, il = time_array.length; i < il; i++) {
        string = '' + time_array[i];
        if (1 === string.length) {
            time_array[i] = '0' + string;
        }
    }
    return time_array.join(':') + ',' + milliseconds;
};

function returnSRT (data) {
    var caption, previous_start, start, end, temp, captions = data.getElementsByTagName('text'), srt_output = '';

    for (var i = 0, il = captions.length; i < il; i++) {
        caption = captions[i];
        start = +caption.getAttribute('start');

        if (0 <= previous_start) {
            temp = captions[i - 1].textContent.replace(/</g, '&lt;').replace(/>/g, '&gt;');
            srt_output += i + '\n' + makeTimeline(previous_start) + ' --> ' + makeTimeline(start) + '\n' + temp + '\n\n';
            previous_start = -1;
        }

        if ( end = +caption.getAttribute('dur'))
            end = start + end;
        else {
            if (captions[i + 1]) {
                previous_start = start;
                continue;
            }
        }

        temp = caption.textContent.replace(/</g, '&lt;').replace(/>/g, '&gt;');
        srt_output += i + '\n' + makeTimeline(start) + ' --> ' + makeTimeline(end) + '\n' + temp + '\n\n';
    };
    return srt_output;
}

returnSRT(document.documentElement)

Also here is bookmarklet version of the script:

javascript:(function(){function%20makeTimeline(time)%7Bvar%20string%2Ctime_array%3D%5B%5D%2Cmilliseconds%3DMath.round(time%251*1000).toString()%3Bwhile(3%3Emilliseconds.length)%7Bmilliseconds%3D'0'%2Bmilliseconds%3B%7Dtime_array.push(Math.floor(time%2F(60*60)))%3Btime_array.push(Math.floor((time-(time_array%5B0%5D*60*60))%2F60))%3Btime_array.push(Math.floor(time-((time_array%5B1%5D*60)%2B(time_array%5B0%5D*60*60))))%3Bfor(var%20i%3D0%2Cil%3Dtime_array.length%3Bi%3Cil%3Bi%2B%2B)%7Bstring%3D''%2Btime_array%5Bi%5D%3Bif(1%3D%3D%3Dstring.length)%7Btime_array%5Bi%5D%3D'0'%2Bstring%3B%7D%7Dreturn%20time_array.join('%3A')%2B'%2C'%2Bmilliseconds%3B%7D%3Bfunction%20returnSRT(data)%7Bvar%20caption%2Cprevious_start%2Cstart%2Cend%2Ctemp%2Ccaptions%3Ddata.getElementsByTagName('text')%2Csrt_output%3D''%3Bfor(var%20i%3D0%2Cil%3Dcaptions.length%3Bi%3Cil%3Bi%2B%2B)%7Bcaption%3Dcaptions%5Bi%5D%3Bstart%3D%2Bcaption.getAttribute('start')%3Bif(0%3C%3Dprevious_start)%7Btemp%3Dcaptions%5Bi-1%5D.textContent.replace(%2F%3C%2Fg%2C'%26lt%3B').replace(%2F%3E%2Fg%2C'%26gt%3B')%3Bsrt_output%2B%3Di%2B'%5Cn'%2BmakeTimeline(previous_start)%2B'%20--%3E%20'%2BmakeTimeline(start)%2B'%5Cn'%2Btemp%2B'%5Cn%5Cn'%3Bprevious_start%3D-1%3B%7Dif(end%3D%2Bcaption.getAttribute('dur'))end%3Dstart%2Bend%3Belse%7Bif(captions%5Bi%2B1%5D)%7Bprevious_start%3Dstart%3Bcontinue%3B%7D%7Dtemp%3Dcaption.textContent.replace(%2F%3C%2Fg%2C'%26lt%3B').replace(%2F%3E%2Fg%2C'%26gt%3B')%3Bsrt_output%2B%3Di%2B'%5Cn'%2BmakeTimeline(start)%2B'%20--%3E%20'%2BmakeTimeline(end)%2B'%5Cn'%2Btemp%2B'%5Cn%5Cn'%3B%7D%3Breturn%20srt_output%3B%7Dwindow.location.href%3D'data%3Atext%2Fplain%3Bbase64%2C'%2Bbtoa(returnSRT(document.documentElement))})();

Assuming you have Python installed, you can use getyoutubecc, which is a Python script.

Execution is as follows

>> python getyoutubecc Akqkvx407c8

Then keep the video and .srt in the same folder and you should be able to play in VLC.

For a non-technical way try one of the conversion sites such as http://mo.dbxdb.com/, which will download the .srt within a zip.

Select the track from the zip file

And then you should see the subtitles appear

For videos with multiple tracks you will have to dig in and save it from .xml to .srt manually, there isn't a ready made tool out there on the web

http://video.google.com/timedtext?lang=<LANG>&v=<VIDEOID>

Where can be en for English, it for Italian and de for German.
<VIDEOID> is the id of your Youtube video.

For some videos, it appears necessary to specify the name of the subtitle track, as seen on the Youtube page of the video, as a third argument:

http://video.google.com/timedtext?lang=<LANG>&v=<VIDEOID>&name=<NAME>