2011 year of the HTML5 Video?

HTML5 defines many new standards, one of which is a way to embed a video element <video>.
<video> has been touted as a flash killer / replacement for the showing of content on for instance YouTube. However we shouldn't forget that just because it's new, it means it's instantly better.
Cross browser support is one of the major hurdles just for the <video> element itself, never mind the continuing battle over which container and codec to use to encode content for use with it. While most would like the new <video> element and the other factors inflicting HTML5 to be settled between the major players, Mozilla, Apple, Internet Explorer, it still leaves the older generation of browsers out in the cold.
Internet Explorer versions below IE9 account for roughly 40% of web traffic and with the exception of IE9 no other Internet Explorer browser natively supports HTML5 video. This means that among others, Flash will be required for graceful degradation to make sure older browsers are catered for. While support for this element is still being adopted we've got to deal with the fact that we can't account for using it everywhere, put simply, it works, but not natively for all browsers.
We at Yoma embrace new technologies and methodologies on a daily basis, always experimenting with new ideas and concepts, so yes we believe that if the HTML5 standard is properly standardised, <video> can be a big part of our projects.....at the moment we'll just make the best of an imperfect situation and do what other developers are doing, getting out there and using it.