Google celebrated open Web standards at its third annual developer conference in San Francisco on Wednesday with a gift and a glimpse of the future: a video codec worth over $120 million and a preview of the company's forthcoming app store for the Web.

"The Web is the most important platform of our generation and because it's a platform controlled by none of us, it's the only platform that belongs to all of us," said Google VP of engineering Vic Gundotra.