This (meaning Google's fairly clear intention to make some kind of royalty free video codec from what it's just bought) has just killed Flash and moved the web forward about 5 years.
I wonder if they'll create a new standard around the technology (perhaps pair it with the Ogg container format or with Vorbis audio, run it past some standards org like IETF) and/or release it as is.
It's a fairly big move for Linux Multimedia support too.