On Monday, FFmpeg 0.6 was released into the wild. Its codename is "Works with HTML5."
As the name rather pointedly states, the audio and video streaming, recording and converting library now works with HTML5.
It also works with the newly open-sourced WebM video format released in May based on the VP8 codec.
The H.264 and Theora decoders are now a lot faster, according to the release notes, and there's been some important updates to the Vorbis decoder too.
Some of the code has been relicensed under the LGPL, but be ware, if you violate FFmpeg's license, you could end up on their wall of shame.