Neutron scattering was used to determine the spin structure and the magnon spectrum of the Mott-Hubbard insulator YTiO3. The magnetic structure is complex, comprising substantial G-type and A-type antiferromagnetic components in addition to the predominant ferromagnetic component. The magnon spectrum, on the other hand, is gapless and nearly isotropic. We show that these findings are inconsistent with the orbitally ordered states thus far proposed for YTiO3 and discuss general implications for a theoretical description of exchange interactions in orbitally degenerate systems.