If you can see the video below, you have an HTML 5 compatible browser. If you can't, try getting the latest Firefox, Opera, or Safari browsers.
That video was created with the following HTML 5 code:
|<video tabindex=”0″ controls=”controls” height=”385″ width=”640″><source src=”http://videos.mozilla.org/firefox/3.5/meet/meet.ogv” type=”video/ogg; codecs="theora, vorbis"”></source><source src=”http://videos.mozilla.org/firefox/3.5/meet/meet.mp4″ type=”video/mp4″></source></video>|
A decent link to hit up to understand the new <VIDEO> tag is here.
HTML 5 browsers natively support the open-source Theora video, Vorbis audio formats, and Ogg transport layer that both are stored in. I think they all do but I'll have to double-check that.
To encode a video into these formats, you can use the free SUPER media encoder (scroll to the bottom of the page for the link). It does have the best UI, but it works. I would suggest familiarizing yourself with their site (which needs a massive design lift) and test like crazy. Sooner or later, everything will be supporting import/export of this format.
There is a lot more to HTML 5 than just audio and video. I'll post more when I have time.