This early version of the add-on only exports into two open formats, Theora for video and Vorbis for audio, but for web developers and application builders, this exciting ‘bit of news means you may soon be able to to even more with the web browser of tomorrow.
It is not yet ready for prime time. Here are a few more important notes from the developers:
This pre-alpha version of the add-on only works with the Firefox nightly builds on a Mac. We’re working hard to extend support to Windows, Linux and 64 bit platforms as soon as possible (there are currently no plans to support earlier versions of Firefox). We recommend going through the README, which lists known issues.
They do plan to allow live streaming of video feeds, build in support for Windows and Linux, plus a few more tweaks for performance and reliability too. Head over to the Mozilla Labs if you want to try it out, or learn more about the Rainbow project.