Google’s Mike Jazayeri, Product Manager for Chromium:
We expect even more rapid innovation in the web media platform in the coming year and are focusing our investments in those technologies that are developed and licensed based on open web principles. To that end, we are changing Chrome’s HTML5 video support to make it consistent with the codecs already supported by the open Chromium project. Specifically, we are supporting the WebM (VP8) and Theora video codecs, and will consider adding support for other high-quality open codecs in the future. Though H.264 plays an important role in video, as our goal is to enable open innovation, support for the codec will be removed and our resources directed towards completely open codec technologies.
That’s a ballsy move. Its unclear if a H.264 extension would make up for this.