Surely making the codec open source isn't in itself that interesting, considering that x264 and FFmpeg form a high quality, open source codec for H.264? It's not the code, but the spec that matters in spreading adoption of VP8. (Of course, publishing the code would create a de facto spec).

More interesting still is the patent issue. VP8 is still effectively irrelevant unless Google announces they've performed a patent search and found VP8 to have no known patents covering its methods (or at least any that might incur licensing fees). After all, it was the patent issue with H.264 that bothered Mozilla.