Apple and H.264. What's the deal?

Hmm. It's strange but I feel like information about Apple's upcoming implementation of H.264 has been a little too scarce. I mean, they had a bit of a press release about it when it was first announced but I still have a hard time finding any information of what its going to be like. My theory has been that its going to be tied into a new product when its released or at least that there will be a new product available at the time they release a program for encoding stuff to it. But still, I feel like I try to do some reasearch and there are crickets chirping. The most concrete thing I've seen is "H.264 delivers 1920x1080 content at about 8 Mbps" and that's on Apple's FAQ.

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UPDATE: Thanks to 'MevlvinD' for tipping me off to this excellent forum thread at Apple Insider. Definitely more information than I've seen anywhere else.
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I've been playing with the x264 codec within Handbrake and can play these 640x480 .mp4 files using VLC and they look great.

And now comes this random rumor, who knows how much validity it might have (god bless the internet) and please don't take this as the endorsement of rumormongering, but come on, some one must have some info on what H.264 will really look like in QuickTime 7. I'm dying here!