There was a flourish of stories on the unfinished spec HTML5 or HTTP video last summer that were noted here: HTTP video: reports on Firefox and Apple and Codec Wars 2009. Now that YouTube and Vimeo have started to implement, there's been some reaction from the Flash camp and from Open Source advocates.
Check out Adobe Photoshopper John Nack's Sympathy for the Devil (via John Dowdell) and Mozilla's Chris Blizzard Blasts HTML5 Efforts at YouTube and Vimeo from Beet.TV, which notes that the new HTML5 experiments do not work in the Firefox 3.6. Beet also notes Blizzard's observation that the initiatives are not really open source or free ($5 million/yr) since they use the proprietary H.264 codec, as well essential context provided by Stephen Shankland at CNET.
See also Google talks Chrome OS, HTML5, and the future of software at ArsTechnica and Apple Event to Focus on Reinventing Content, Not Tablets at Wired. Here's Beet with Chris Blizzard from last summer on open source video at Mozilla and the implementation of HTML5 in Firefox:
Update: CDM looks at some of the wrinkles in HTML5 and a Brave, Flash-Free, Open World? Uh… Not So Fast.
Update 2: There have been a few flare-ups over Flash & HTML5, see Teacup, Meet Storm, pt. IV: Adobe Blocking HTML5?, but that's no reason for a potty-mouth, Adobe is "sabotaging" HTML5?? A few other issues were mentioned earlier in CS Next: "PS and AI will be great".
Update 3: the dustup continues in comments to a post by Adobe's John Dowdell, How I want Apple to talk.