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http://blog.chromium.org/2011/01/more-about-chrome-html-video-codec.html
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1- Why did they need to remove it? It's great to include WebM and all, but why remove h.264?
2- If it's such a great move for openness, why not remove Flash as well? Flash is mainly h.264 now, and unlike h.264, it's actually a closed format for real. Why is that ok?
3- WebM is an open codec, but that does not make it impervious to patent claims. It could easily be contested all the same, and it has happened with other formats before.
4- No mobile devices currently in production or in the design phase supports accelerated WebM. That means your phone/settop/TV will fucking suck at it, regardless of brand or OS, for years. They all support accelerated h.264 however.
5- What is really happening is that now Flash, "closed" by every possible definition, is the only way to play HD video across major platforms that doesn't require everyone on the planet to rebuild their pipelines. Except Flash sucks and eats resources like a hog even when it's accelerated, and most crucially, isn't supported by iOS which is what this really all about.
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