This really needs some modifications to work - first of all, the best way would be have it specify a different video shortcode, so as not to conflict with the [video] shortcode that is part of vB, at this time. I'd suggest something like [h5video] or [html5video].
Furthermore, unlike the original description, which says "The only catch is that right now the video files have to be in either .ogg, .ogv, .oga, or .ogx formats', HTML5 video supports a far wider variety of video formats: H.264 (video) and AAC (audio) are the preferred formats, and supported on Apple Safari, iPad and iPhone MobileSafari, and any webkit browsers (Android); you only need to worry about ogg if you are stuck with Firefox or Opera, and they stupidly dogmatic non-standard codec; or simply support Google's webM.
There are converters for most of these - I have found that H.264/AAC provide for the smallest files, at the highest quality, using low-bandwidth the best; ogg will invariably yield the worst quality and the largest files - stay away if you can; webM is 'okay'. It's basically the long abandoned On8 video codec - meh.
I need something like this to embed HTML5 H.264/AAC video, with smart fallback to Flash, or webM. Ideally, with a smart Javascript controller overlay - there are some great such frameworks that provide this, like Projekktor or MediaElement.js, which I was hoping someone would make a vb Plugin with.
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