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Why are H.264 (MPEG-4) and AAC+ so important?

MPEG-4
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Why are H.264 (MPEG-4) and AAC+ so important?

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Adobe provides one of the leading online digital media delivery platforms, and the addition of standards-based H.264 extends Flash technologies. Customers can leverage their existing video and audio to deliver content to the web and other devices — up to HD quality — leveraging the reach of Flash Player with their current infrastructure and encoding investments. Flash Player 9 and later support the playback of formats derived from the MPEG-4 container such as F4V, MP4, M4A, MOV, MP4V, 3GP, and 3G2 if they contain H.264 video and/or HE-AAC audio.

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