http://blog.thesilentnumber.me/2009/09/myths-debunked-youtube-please-use-ogg.html
relevant blogspam?

<<It's incredible how many people are sympathetic towards Google and Apple's opposition of Ogg Theora within the HTML 5 codec debate. Of course, nobody expected anything else from Apple, but Google, really? Outside of YouTube, Google seems to be very supportive. YouTube may still be somewhat separated from the rest of Google. The site still looks more like it did pre-aquisition than it looks like a Google project. The Google Chrome web browser, a "pure" Google project, supports Theora, and a blog post Google made on the Ogg Theora book sprint which specifically makes mention of HTML 5 leads me to wonder if they might actually be planning on supporting it. Then again, this claim by a Googler on the WhatWG mailing list makes me worry:

"If [youtube] were to switch to theora and maintain even a semblance of the current youtube quality it would take up most available bandwidth across the Internet." --Chris DiBona>>

I think Google will push their newly-aquired codecs for HTML5 official support...

<<Dirac, On2 and other Open Formats

Dirac is for high definition video archiving, not streaming. Nothing is wrong with other open formats, but Theora is already the best candidate with the most support.

Google did recently acquire On2, a company which owns more advanced codecs, and actually created the codec which Theora is based off of. There is speculation that Google will offer them as free formats, and as awesome as that would be, we can't really act on what they might do.>>