There is a place for Ogg Theora but it’s not going to be the best quality video codec. I will do my best to support it but it is a competitor with MPEG-4 ASP (like xvid) not with MPEG 4 AVC (like x264). This article, Theora vs. h.264 has some screenshots comparing the two. Like many, I’m looking forward to whether Dirac or Snow (2 wavelet based codecs) can compare favorably with the proprietary codecs.