Is HTML an open standard?
If HTML is an open standard then it really doesn't make sense for them to be standardizing on a codec that is not. Like another poster stated, how about we let the browsers battle out which codec they support, but I would suggest lets twist that a bit and declare that the codec, (whichever codec they use) must be open and free. Therefore if someone creates some "ACME" codec that is openly published, then use of it is acceptable by the standard.
Right now web site developers often settle first on what works across the largest audience and then look into working with the smaller crowds. Picking a single format could stifle competition.
In the case of OGG VS h264 due to hardware acceleration then I see that as a chance for some enterprising developer/company to provide an accelerated player that kicks dirt in the face of h264 players. Better yet, I see it as an opportunity for someone to update the format to be more acceleration friendly.
Whichever the case I would love to get rid of the heavy flash player that sucks tons of resources to play simple 480p video.