I recently posted an H.264 vs. Ogg comparison, which you can see here.
I got lots of good feedback and am in the process of reworking my tests, primarily (I hope) to use a more recent codebase that wasn’t shipping when I did my testing.
In the meantime, another comparison was released on February 25 by KeyJ that you can read here. Here’s his conclusion:
“My conclusion in one sentence: x264 is the best free video encoder. The H.264 format proves that it’s the most powerful video compression scheme in existence. The main competition in the web video field, Ogg Theora, is a big disappointment: I never expected it to play in the same league as x264, but even I didn’t think that it would be worse than even Baseline Profile and that it’s in the same league as the venerable old XviD which doesn’t even have in-loop deblocking.”
Greg Maxwell from Xiph pointed out (as he did with my analysis) that KeyJ hadn’t used the absolute latest available Theora code, though I used the latest released version (Thusnelda 1.1) and KeyJ used one version beyond that. I’ve asked Greg when the next version will be released, and if it’s in the next two months or so, I’ll redo my analysis using that code base, which looks impressive.