Christopher Blizzard has a great article about H.264 and what it might mean if it becomes the de-facto standard for video on the web.

Remember, this is still very early in H.264’s history so the licensing is very friendly, just like it used to be for MP3. The companies who own the IP in these large patent pools aren’t in this for the fun of it – this is what they do. They patent and they enforce and then enjoy the royalties. If they are in a position to charge more, they will. We can expect that if we allow H.264 to become a fundamental web technology that we’ll see license requirements get more onerous and more expensive over time, with little recourse.