Google Chrome drops H.264 support to focus purely on open technologies like WebM
Google cites plenty of damning reasons for the exiling of H.264. Open codecs are improving faster, thanks to the contributions of "dozens of developers"; open codecs are more readily adopted by browsers and hardware vendors; and most importantly, codecs like WebM and Theora are free. Free from patents, free from licensing fees; free to use however you like.
Mozilla stated a few months ago that Firefox would never support H.264, which now leaves just Internet Explorer 9 as the sole supporter of H.264 HTML5 video. IE9 also supports WebM, however, which means H.264 will hopefully just fade away into patent-encumbered nothingness -- or perhaps Flash, which will still support H.264 video, has finally found its HTML5-era niche.
In other news, frothy blogger John Gruber mentions that this will force publishers and broadcasters to use Flash, or force them to re-encode their content for WebM delivery. The fact is, these companies don't want to distribute their content via HTML5 video. Flash, with its DRM and P2P, is a far more suitable platform for commercial broadcasting. Flash also has the advantage of being universally installed -- again, let's not forget that Firefox never intended to support H.264, and has a much larger market share than Chrome.
Update: apparently Safari also has native support for H.264 video, via WebKit rendering engine.