... and if so, you can participate in the HTML5 video beta at Youtube.
YouTube - Broadcast Yourself.
Some quality improvements can be improved, and there will be kinks to work out (videos with ads currently don't work with HTML5 and default to Flash... but is that really a loss?), but anyone using Safari or Chrome (or Chrome tab in IE) now has a better option.
I know there was a huge stink over the choice of the default video playback codec for html5 (I cant even remember what their recommendation was now - some open source player/codec i hadnt heard of before) BUt apple, adobe and microsoft all threw shit fits since they each think their product is what should be used for video playback.
If I had ot guess I would say it is goign to be a good while before html5 really stats being used (People hate change....)