Google announced that it would open the VP8 codec as the WebM project. VP8 is reputed to be as good as H.264 for video quality. The real surprise is that so many web browser vendors, including Microsoft, have pledged support for WebM. The only exception was Apple who has invested heavily in H.264 and likely wouldn't want abandon it so easily.
I must be getting jaded. After reading about the announcement, my first thought was, "Oh great! Yet another codec!"
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