Any thoughts on where online video is heading. 

I remember hearing something about the browser developers gathering together to discuss the future of browsers and how to make them cross compatible for web designers. Does anyone know if video was part of this discussion?

flv (raw flash video format) wrapped with swf players has basically full penetration and is the now and the fuuture of video on the web.  this doesnt mean that mp4 is not just as important... for devices, for easier remixing etc.  both flv and mp4 and even divx are the top formats in my opinion.  I dont touch microsoft formats, despite the quality and compression being pretty good.  Just dont like the overall idea of wmv and related windows formats.

I personally like divx for its compression and flexibilty. I see DivX being the next Corporate Format to either replace or integrate itself with Blu-Ray and HD DVD