Yes, but, remember, this isn't really about promoting WebM. Even Google knows that isn't going anywhere. It's about propping up Flash, which won't kill H.264 either, since it depends on it. Basically, Google has decided it's in its best interest to try to sabotage direct HTML video.
Replace your last sentence with something along the lines of the below. Declare yourself a Winnah!
Because they have seen the light of the currently completely uncontrolled use of Flash cookies. Those are wide open to really evil uses with absolutely no adequate oversight. Most people don't even know they exist or how much powerful they are when used "properly" from the trackers point of view. They are an advertisers wet dream compared to cookies just being a webmasters dream.
Google wants the Flash wrapper, they don't give a crap about the codec. It's just indirection that will potentially trap a whole bunch of other folks that just follow the codec and get burned should MPEG-LA change from FUD to fight.