[They’re replacing H.264 support with WebM][link] (a video codec [acquired and open-sourced][webm] by Google last year). It looks like the HTML video codec pissing match is about to start up again.
[link]: http://blog.chromium.org/2011/01/html-video-codec-support-in-chrome.html “Chromium Blog: HTML Video Codec Support in Chrome”
[webm]: http://extrafuture.com/2010/05/19/webm/ “WebM”