The h264 removal in Chrome is probably an experiment more than anything else. It will make people remember the h264/WebM debate again, and it will show that Google takes a stance for WebM.
The long term goal is to fragment h264. First move is this. The next move is to play an alliance with Adobe: We can make your Flash survive for 5 more years if you include WebM playback in it. Then you play the piece where you force Apple to adopt WebM by virtue of Youtube: you let it hint that Youtube will in the future only play back WebM. At this point in time, all Android devices have WebM hardware decoding circuits (notice that mobile phones have an incredible short half-life time. You don't see a 3-4 year old mobile phone much these days).
At this point, all of the internet is WebM capable and h264 has been limited to every device which is non-internet. The MPEG-LA consortium will have been marginalized by this time and will have to bite the apple and add in WebM support as well.
/conspiracy