Currently, the safest way to implement HTML5 on your web pages is to offer an alternative for browsers/devices not supporting html5 or the .ogg format -
<video src='video.ogg'>
<object data='videoplayer.swf' type='application/x-shockwave-flash'>
<param name = 'movie' value='video.swf' />
</object>
</video>
.. from "Pro HTML5 Programming", APRESS Publishing.
.ogg can support either Theora or Vorbis encoding.
Last I checked, here are the browser support data -
Chrome - Theora, Vorbis, Ogg Container and H.264 and AAC, MPEG-4
Firefox - Theora, Vorbis, Ogg Container
Opera - Theora, Vorbis, Ogg Container
Safari - H.264 and AAC, MPEG4 container
As to content protection - this is the Web! There are hacker scripts out there that'll open up flv files and turn them into H.264, etc. You cannot protect anything that is displayed on the Web. Just put a little bug on it and post. Consider any copying to be free advertising. Remember, these are highly compressed files, so nobody is likely to copy and re-edit.