If you regularly follow my blog you know that I recently got an HTC Droid Incredible smartphone. This phone has a native screen resolution of 480×320 pixels. MPEG4 video with AAC audio is supported in both the .mp4 and .3gp container formats.
I just read a couple of articles (x264Dev and Phoronix) about the latest open source decoder for the recently open sourced VP8 codec from Google/On2. It turns out that the new ffvp8 decoder library from the FFmpeg developers is already outperforming the libvpx decoder that was released as open source by Google back in May.