As you must have heard by now, Adobe have announced the upcoming support for H.264 video in the Flash Player. I guess On2 kind of gave the game away when they shifted their focus somewhat into the direction of H.264, yet my jaw is still firmly on the floor - I didn't think this would come around so quickly.
The bottom line: a huge step forward for web video. The Flash Player will incorporate what is arguably the most versatile and most widely adopted video codec around (it's used for much more than just web video), and it's an open standard at that with a huge eco system of encoders and tools to boot. Let it sink in and expect some big waves from this. You will be able to test this out via progressive download (I know I will) once Flash Player Beta Update 3 hits the streets later today on labs. Both Flash Media Server and Flash Media Encoder will support the codec in upcoming versions.
Tinic Uro has the most comprehensive set of information on his blog. Go check it out.

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