The jquery page hasn't made it into the new site yet, but still true.
VJS also has free CDN hosting, and is pretty easy to skin both HTML5 and Flash using just CSS. MEJS is a pretty decent project though, as are a few of the many other HTML5 video players. So not my place to say which is best, but we're working hard to make Video.js pretty great.
Or another way to view it is that if you factor in Flash support for H.264, the only clients that can't view H.264 content are Firefox, Opera, and IE 8-or-earlier installs without Flash installed.
I'm not sure what percentage of the market that is, but I'm pretty sure it's pretty small.
In comparison, all mobile devices, game consoles, and Blu-Ray players support H.264, as do all Flash installations (including the one bundled with Chrome that users can't remove), and all installations of Safari and IE9 (when it arrives).