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I really don't think it matters that Opera doesn't support HTML5 video yet. Opera's market share is extremely small, especially compared to IE. The only sites that will start using the video tag before IE supports it are sites with a target audience of more technically inclined people and that don't mind telling IE users to switch browsers. If they are okay with leaving out IE users, I'm sure leaving out Opera users would be okay too. And I'm sure that if IE did implement it, Opera support would soon follow. So it really doesn't matter.
Also, I find it rather ironic that there is another unrelated vector graphics library with the name of vega (it is a OpenVG state tracker for Gallium3D). Coincidence? I think not!
It’s not about leaving other browser users out-- http://camendesign.com/code/video_for_everybody It’s about providing a _better_ video experience for the websites that do use HTML5.