No. The only thing that sucked about the way things were done before was all of the proprietary nonsense from the likes of Adobe and Apple. None of that seems set to change since HTML5 doesn't even address the critical issues when it comes to web video anyway.
Publishers want to obfuscate content in a manner that makes it more difficult to deal with with generic tools (as opposed to "special plugins"). Any decent non-crippled video tools would have no problems with dealing with the sort of "chaos" you seem so fearful of.
It's the intentionally crippled and limited platforms that would have the most problems. This is a problem artificially created by the same people that created the earlier mess with exclusive single vendor proprietary codecs and the special plugins needed to deal with them.
This ultimately seems to be primarily about catering to the most restrictive and abusive system vendors in the industry.