It looks like google is busy again.
Washington Post: Google touts WebM, a single, open standard for Web video
The WebM homepage is here:
It looks very interesting; just a few weeks ago we were talking about how h.264 will be the new standard. However if Google has shown great interest in using WebM, an open source video format, that could mean h.264 will take a back seat since the largest source of internet video, Youtube, is part of Google.
Honestly I haven't been a fan of Google just because it's so darn big and it's dipping its hands into so many things. And I'm still (perhaps arbitrarily) turned away by the sheer power that Google has. But it's nice to see them supporting an open video format. Well done, Google.