Hi Derek,
Yes, agree. Way ahead of any other presentation tools Moodle has so far. Here's another reason why I think H5P will be more useful to course content developers (note that I say developers, not designers):
Being able to edit resources at any time on the fly. In my view, that's always been one of the big advantages of having content authoring tools built into the LMS. It enables and encourages content developers and teachers to continuously edit and improve and/or make learning resources more appropriate for their learners. Why? There's no need to boot up a big, clunky SCORM IDE (e.g. Captivate, Raptivity, or Camtasia), find and open the source files, make the edits/changes to the content, repackage the content, and re-upload it to the LMS. Instead, teachers and content developers can simply hit the edit button while looking at the resource as it appears in the LMS, and make any edits/changes there and then. That's the kind of easy facility that makes developing learning resources so much easier and more responsive to everyone's needs.
Another nice touch is to be able to export the resources as neat, transferable, single packages that we can exchange between different Moodles, Drupals, and Wordpress' (what SCORM is supposed to be able to do in theory but doesn't in practice). I think this really facilitates developing open, shared, libraries and could have a significant impact on open educational resource (OER) projects.
Are there any plans to support the .h5p filetype in the moodle.net learning content repo? I think that'd be really popular once the Moodle H5P plugin is close to being a stable release.