That's great! It looks like you have a pretty extensive integration with the prior version of Video.js, so migrating will take some work, but I think worth it when you can make the time. That said, for Beta it works with browser-supported formats and HLS, with support for services like Youtube and Vimeo close behind as we migrate what we haver in the Media Chrome ecosystem[1]. So if that's what you need maybe hold your breath for a few weeks.
What are you supporting today that requires Wowza or Red5? The short answer is Video.js is only the front-end so it won't help the server side of live streaming much. I'm of course happy to recommend services that make that part easier though.