HTML5 <video> may be in its infancy, but H264 is a huge established technology, and tossing it out will be painful for a lot of people.
The best possible outcome of this exercise (and to its credit perhaps this is Google's intention) is for MPEG-LA to make H264 royalty free in perpetuity, which would eliminate the need to switch to WebM. Otherwise we're forced to make a whole bunch of currently useful devices a whole lot less useful in the interest of one day making a (by then) obsolete codec into a universal standard.
The best possible outcome of this exercise (and to its credit perhaps this is Google's intention) is for MPEG-LA to make H264 royalty free in perpetuity, which would eliminate the need to switch to WebM. Otherwise we're forced to make a whole bunch of currently useful devices a whole lot less useful in the interest of one day making a (by then) obsolete codec into a universal standard.