Depending on your use case WebM is also worth considering

Like, for example:

• Much better compression (it's astonoshing what 21 years of additional research&development can achieve)
• More than 256 colors (again, 1989 tech vs. 2010 tech)
• Support for actual media player controls
• Audio-Support
• Webpages can load and display a small thumbnail, instead of having to load the whole damn thing (very much appreciated when i'm somewhere with a small bandwidth).

On a sidenote: If i were to do some sort of "show not-really-funny videos snippets all day long one after the other" platform(*), i'd most likely choose .m3u8 + .ts. Easy enough to dynamically create to m3u8 text files and (god forbid) even add a 5 second advertisement every few minutes into the stream.

(*) Let's call it "Flip/Flop" or something ;-)