How to embed high quality video with new YouTube iframe style code

The following code did the trick for me:

<iframe width="241" height="136" src="https://www.youtube.com/embed/NMG0CMkuUnA?version=3&vq=hd720" frameborder="0" allowfullscreen></iframe>

&vq=hd720 or &vq=hd1080 did the trick where all else failed