While it wasn’t mentioned once during the keynote, VP8 takes dead aim at MPEG LA’s H.264 codec, which has the backing of industry heavyweights like Apple and Microsoft (who are both members of MPEG LA).

VP8 technology stems from Google’s purchase of On2 Technologies last year.  On2 is the company behind the Theora codecs that Opera and Mozilla use for HTML5 video.

Google says it aims to create an open web standard for video, one that doesn’t have closed, proprietary ownership like MPEG LA’s H.264

Opera and Mozilla both sent representatives to the keynote to trumpet the virtues of a free and open standard for Web video.

A little back-of-the-napkin market share analysis:

• Internet Explorer and Safari have about 66% of the browser market (H.264)
• Chrome, Firefox, and Opera have the other 33% (VP8)
• Google’s Youtube makes up about 40% of all video content on the Web

Although they are the underdog at the moment, Google has enlisted a new secret weapon in this battle.  Adobe’s CEO Kevin Lynch mentioned at the end of his presentation that Adobe would be pushing out a VP8-compatible version of Flash to its 1 billion Flash clients; one that would be a VP8 Trojan Horse for Apple’s Safari browser and Internet Explorer.