The whole Blu-ray/VHS comparison is ridiculous. There is no "Bluray" with regards to online video yet. The HTML5 standard isn't going to be finished for YEARS. By the time its finished, what happens if Apple supported HTML5 encode, h.264, isn't the one that is the standard? Only SOME HTML5 videos will work with apple products. That is ridiculous.
It's not like Apple can't patch their iOS devices, which would make them work with whatever standard is chosen. And it is never too early for the Web to begin adopting a standard.