No, it doesn't, because the fight over the codec is one thing and could (basically: should) have happened without the "HTML" 5 <video> tag as well. You can use <video> with any codec. Theora, H.264, DivX, Xvid, MPEG-2.... whatever... And you can fight over H.264 vs. Theora without using the <video>-tag. I just don't get how people think these two are in any way related... It's almost as if they believe embedding non-flash video wasn't possible before the <video> tag.