I have updated this post with a newer version of the VP8 patches to FFMpeg and support for libvorbis instead of the built in vorbis support.
Google has released source for the VP8 codec as the WebM project. The WebM project will be an open alternative in the HTML5 video tag codec space and being backed by Google, who will use it for YouTube, will give it a fighting chance. WebM is starting to be integrated into FFMpeg but there are still some patches that need to be applied. While there are some guides to how to build FFMpeg for Linux with VP8 WebM support I wanted to get it compiled for Windows.
First off this won't be done using a Windows install but instead using Virtual Box with a fresh install of Ubuntu 10.04 desktop. It is just faster and easier that way. So go ahead and grab Virtual Box and get Ubuntu installed on it before you continue.