@Visvanath - Some good points, well made. In my opinion, PPT style presentations should never have been converted into Flash in the first place. I think the only reason for doing so was that everyone wants to publish SCORM packages and rapid elearning tools always publish them in Flash.
One thing that Moodlers on this thread might find useful to know is that MP4 is almost identical to MOV and M4V. MOV was the original Quicktime media container and MP4 and M4V are spinnoffs from it. You can change the file extensions on them, using .mov, .mp4 and .m4v interchangeably, and they'll still work.
Microsoft and Apple seem pretty set on only supporting H.264 as their native browser CODEC. H.264 is owned by the Moving Picture Experts Group (MPEG) and at some point in the not-too-distant future, they're going to start charging royalties for using it.
As developers and educators, we have the option of requiring that learners use browsers that support open source CODECs such as OGG (Firefox) and WebM (Google Chrome). The alternative is to get trapped into serving the interests of MPEG's, Microsoft and Apple's shareholders because there's no viable alternative left. Perhaps, if there's too much of a push from them, govts. and universities can respond by providing Ubuntu on laptops and mobile devices instead of blithely subsidising Apple's (and maybe Microsoft's soon?) long term plan of getting everyone onto iOS by supplying universities, schools and colleges with their proprietary software that locks users into iTunes and is unsuitable for learning.