I know it is a long time coming, but I have just created the home base for the HTML5 media initiative. http://drupal.org/project/html5_media
This project has one goal. To bring a standardized, Open Source GPL front end media solution to Drupal core. This project is completely open and has no other intentions other than to provide a standard front end media solution that will benefit the entire Drupal community, so therefore, whoever would like to help in this initiative is welcome to contribute!
This project has the following initiatives.
- Add HTML5 multimedia support for both the video and audio HTML5 elements.
- Build an extensible media player framework that easily allows other modules to provide plugins to support additional front end multimedia capabilities, such as Flash Fallback and YouTube API integration.
- Utilize the standard Drupal template system to provide the front end presentation of your media. Eventually, a media player template could be included in each Drupal template to be used for media display.
- Provide tight integration into other HTML5 initiatives.
If anyone has any other good ideas for this project, then please let me know. I will be committing some of the first ( non-functional at this point ) code to this project this weekend to start on the fully extensible media player built just for Drupal. If anyone is interested in getting involved, then please let me know!