While there is a fight brewing between video codecs on who becomes mandatory in WebRTC, I think the battle is all about the future codec and not about H.264 or VP8.
Does WebRTC fit anywhere in M2M? Chromecast sheds some light on this question. [If you are new around here, then you should know I've been writing about WebRTC lately. You can skim through the WebRTC post series or just read what WebRTC is all about.] I’ve heard a couple of times about WebRTC being the next great thing. […]