It seems that the container(s) debate for HTML5 is finally happening. After
all the container may influence what's possible/easy/tricky to do in the
browser. Should there be one or more ? I don't know. But what I know is
that Matroska is a serious candidate, wether Theora+Vorbis is used or
H264+AAC/MP3 is used.
Unlike what I read here and in the posted links, Matroska is suited for
streaming and even live streaming. By live streaming I mean a TCP/UDP
stream that is "continuous" with no definite end (like a web radio). The
feature is supported by VLC, mkvtoolnix and Haali's splitter. The only
difference with such a stream and a regular Matroska stream is the use of
the "infinite/undefined" size in the Segment (the top Matroska entity).
Matroska also need very few mandatory elements for playback. As long as you
have a SegmentInfo and TrackInfo at the beggining of your file (basically
any files around) you don't need any seeking in the stream to play it
(which is inconvenient on the web, even if it's possible).
What is not widely supported is the succession of Segments with different
resolutions. It may work in VLC or in DirectShow with Haali's splitter. But
it needs testing. It's only an implementation issue though, which is not
related to the Matroska design itself. The same issue probably exist with
players suppporting Ogg as well (changing resolution in Theora or sampling
frequency in Vorbis).