However, there is one rather large oversight:H.264 is an open standard
This is not necessarily correct. As a citizen of the EU, I have to disagree. One of the EU pre-requisites[1] for something being qualified as an Open Standard is: The intellectual property - i.e. patents possibly present - of (parts of) the standard is made irrevocably available on a royalty-free basis.
[1]: http://en.wikipedia.org/wiki/Open_standard#European_Union_de...