HTML Video Codec Support in Chrome

Google is dropping H.264 support in Chrome, in favor of WebM and Theora. Considering the tide of sites that are doing H.264 streaming these days, this seems like a bad move. I get that this is posturing, but if site owners are stuck dual encoding video just to be compatible with multiple browsers, I don’t see this position winning Google any good will, because let’s be honest, H.264 adoption isn’t going to slow down anytime soon.