[DarkShikari]

VP6 which is a Flash video format (arguably on par with H264)

I have no idea where this misinformation comes from. VP6 was released well before H.264 and was meant to compete with MPEG-4 Part 2, aka Xvid, DivX, etc. It did that well; it is probably at least comparable to Xvid, though I haven't tested VP6 myself. It is nowhere near H.264, however. A good H.264 encoder can probably beat VP6 by a factor of two in compression.

VP7 was meant to compete with H.264, and is not supported by Flash. It, however, was only competitive with very early H.264 encoders, which were quite bad. It quickly fell out of favor as H.264 encoders got better.

VP8 is meant to compete with H.264 again.