WebM should be used by default for superior quality and widespread acceptance
It's a bit early to make WebM default since the lastest Firefox release 3.6 doesn't support WebM yet...
Though I would love to see optional support added for WebM, so we're ready to go when all browsers do have WebM support.
The latest versions of Firefox, Chrome and Opera now all support WebM natively. IE supports it via an addon. Most of the major video libraries (gstreamer, ffmpeg) support it too, so it would seem like now is the time to add support for it.
I tried transcoding a few of the videos I'd captured with recordMyDesktop to WebM, and unsurprisingly the quality is quite good with a MUCH lower filesize.
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