I'm watching at the Google I/O Day 1 Keynote live streaming over YouTube.
It has been announced right now the open source video codec project WebM:
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. WebM is an open, royalty-free, media file format designed for the web. WebM defines the file container structure, video and audio formats. WebM files consist of video streams compressed with the VP8 video codec and audio streams compressed with the Vorbis audio codec. The WebM file structure is based on the Matroska container. For more information about WebM, see the FAQ.
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