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H.264 versus WebM

There's been a lot of noise recently about Google's supposedly "free" WebM video format versus the widely-used (but patent encumbered) H.264 video format used by Flash, Apple devices, Blu-Ray players, and just about everything else.
The best H.264 encoders perform better than WebM's VP8 codec based on the objective SSIM metric, and the consensus is that H.264 video in general looks "better" at the same bitrate than VP8. But how much better, at "web video" resolutions and bitrates?
I took a number of widley-used HD test clips (which are designed to "stress" video codecs) and concatenated them into one test video. I then encoded the result at 640x360 resolution at 500 kbps.
First, the H.264 sample. I used x264 as it seems to be the best H.264 encoder around.
Your browser doesn't seem to support the HTML5 video tag for MP4 videos. Here is a link to the H.264 sample video.

x264 core:110 r1820 fdcf2ae

x264 --preset veryslow --tune film …