One thing is worrisome about this: since H.264 (the current industry standard video codec) and VP8 are highly similar, we can share code (and more importantly: optimizations) between FFmpeg’s H.264 and VP8 decoders
So it looks like VP8 is so similar to H.264 that decoders for the two can share quite a bit of code (something Jason Garrett-Glaser suggested might be the case: http://x264dev.multimedia.cx/?p=377 ). Have to admit that this doesn't seem to bode too well for VP8's claim to relative freedom from patent litigation.