Most relevant to this community: http://www.webmproject.org/

The WebM project is dedicated to developing a high-quality, open video format for the web that is freely available to everyone.The WebM launch is supported by Mozilla, Opera, Google and more than forty other publishers, software and hardware vendors.

http://news.cnet.com/8301-30685_3-20005378-264.html

Video streaming is a complicated by patents, though. Mozilla's top lawyer argues that Ogg Theora is safe to use in regards to patents. But Microsoft has cast doubts on Ogg Theora, and Apple Chief Executive Steve Jobs apparently is considering a patent attack on open-source video codecs.

Meanwhile, back at http://en.wikipedia.org/wiki/Infinite_Loop_(street) someone needs to loosen their black turtle-neck...

http://www.apple.com/hotnews/thoughts-on-flash/

"Adobe’s Flash products are 100% proprietary. They are only available from Adobe, and Adobe has sole authority as to their future enhancement, pricing, etc. While Adobe’s Flash products are widely available, this does not mean they are open, since they are controlled entirely by Adobe and available only from Adobe. By almost any definition, Flash is a closed system."

Niels

http://nielsmayer.com

PS: most intriguing statement from above google/IO twittering....

"For example, linking Web applications to GPU hardware" (sounds like http://en.wikipedia.org/wiki/VDPAU for web video)