Re: Why not Ogg then?
"- compression/quality isn't anywhere near as good as H264"
Old information. The encoder has been improved a lot and now it is close. See http://people.xiph.org/~greg/video/ytcompare/comparison.html or http://hacks.mozilla.org/2009/06/update-on-open-video-quality/
"- no hardware decoding support, whereas there's lots of hardware for H.264 which means you can easily decode it on a smart phone etc."
True but well-coded implementations can decode it fast enough in software on modern processors. Also, if Theora becomes common, hardware companies will start supporting it.
"- there's no guarantee that Ogg Theora doesn't inadvertently infringe some patents and could be subject to a claim in future"
THIS IS FUD, plain and simple, propagated by some corporations with a vested interest in seeing Theora and other genuinely open codec alternatives fail. Any other codec could also be ambushed by a submarine patent holder, nobody can say for sure that MPEG-LA is the only tollbooth you have to pay at... . Besides, Theora is based on old well-established techniques, much the same as MPEG-1 video (which is already off-patent) + patents _donated_ to Theora by On2.