The real issue with the H.264 patents and why it is anathema to any libre ecosystem is the impact of the H.264 patents on video creation, encoding and distribution. Here's a thorough discussion of the issues (created by someone who actually took a substantial amount of time to talk to a representative of the MPEG-LA for clarification):
To me, this is a key conclusion:
"Related to point #2, it may not be possible to release an H.264-encoded video under, for example, a Creative Commons license that allows commercial usage. More precisely, should you release your H.264-encoded content under such a license, it would not be legally usable under such a license. This cuts out a large portion of options related to how you may share your creative content."
I find the idea that we should standardize on a video codec with that sort of usage restriction completely incomprehensible. I just do not understand how people can accept a data format whose licensing doesn't just constrain people who produce encoders, decoders and other related tools and technology, but also constrains end users.