Somehow I doubt it. WebM has a lot of potential, and when VP8 was unleashed to the FL/OSS community, it already made astounding progress.
It's not quite up to snuff to entirely put H.264 out of the game, but I'd give that a handful of months.
The thing that's most funny is even if H.264/WebM/Vp8 prevail/lose inbetween themselves, there's a ton of people using Divx/Xvid on the sides. In equivalent terms, it's gotten to the point where you can have excellent quality at incredibly low sizes. Streaming doesn't seem to be as much an issue either anymore.
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