Well, when Mozilla drew their ideological line in the sand and said they'd refuse to allow Firefox to use OS codecs, Microsoft responded by releasing a Firefox extension that delegates H264 playback from HTML5 video elements to Windows Media Player.
How about this: I think vp8 is technically a piece of shit but I really like chrome, so if HTML5 video becomes common enough that I need it I will do it myself for OS X, Linux, and FreeBSD.
BTW, will it be possible to enable it back with an extension? I don't really want to stop using Chrome because of this.