We have a saying in Sweden, "the more chefs, the worse the soup". It kinda embodies what I feel about yet another attempt at squeezing something new in through the door in hope of setting the standard.
"We believe that it is in the public interest for HTML5 video to be backed by multiple, open and royalty-free codecs available in a way that is consistent with the W3C license standards. We would absolutely consider H.264 if MPEG LA would make it available under open web terms as defined by the W3C standards. We stand by our position on Theora." (Mozilla press statement)
If those two claims hold true, VP8 has significantly more value than the current options and should be the standard.
And codecs are really really hard to create, for technical and legal reasons. It's not like 5 new production-ready video codecs come up every year. We might not see another credible open source codec for five years.