Just the other day they decided to throw some money at Theora, and now rumours have it that they are planning to open-source the VP8 codec!
People were wondering what the acquisition of On2 would lead to, and the FSF even asked Google to "free VP8". As you may know, On2 the maker of the VP2 codec, which Theora is based on. If VP8 ends up as open-source and not encumbered by patents thanks to Google, only good can come from that.
I really hope the rumours are true, because the Web needs all the help it can get when battling closed, patent-encumbered technologies like H.264. HTML5 video should be based on free and open technologies, at least as a common baseline.
Google really does know how to shake up existing markets, that's for sure.