This presumably alleviates a lot of the security concerns for that plugin, since it now has the same protection to exploitation as the rest of chrome, and security vulnerabilities might be able to be patched through chrome's auto-update(?)
However, I don't think it's the case for Windows or Linux. On those systems, it should just be another codec/browser plugin. Playing Quicktime videos should be the same as any other codec, so I don't really understand why it's not possible to sandbox it like Flash.
I think the word that java is also disabled in the nightlies in the same fashion should suggest that this isn't some partisan x264 or open web fight. It's security.
http://www.apple.com/ipad/guided-tours/
On h264/Ogg/webM capable browsers, I'm told to download and install QuickTime. If we want to talk about hypocrisy, it starts there.
How does that work? On Mac OS X to do anything with video you use QuickTime. QuickTime isn't just the front end software. It provides an API that can be used to create all kinds of software, not only that it allows other codecs to easily be installed (see Perian for Mac OS X).