Google has finally started talking publicly about the upcoming VP9 video codec that will be integrated into the FLOSS and patent unencumbered webm video container format. I'm a big webm fan and I have found the existing VP8 codec to be pretty darn good. webm with VP8 is way better than Ogg Theora (which is pretty good) but not quite as good as H.264. Google plans on changing that with VP9. Supposedly VP9 will be able to be 1/2 to 1/3 smaller than H.264 and provide as good or better quality. That is exciting.
Here is a video detailing VP9 and showing some samples from the recent Google I/0 2013 event:
I hope that shows up as webm in your browser but if not, use youtube-dl.