Google is all set to turn on VP9 support in Chrome. Latest builds of Chromium now has it enabled. And it would soon land in Chrome Canary and Dev Channel.
VP9 is an open and royalty free video codec which is more efficient than current standards. Google plans to support this codec on YouTube.
The end result would be that you would be able to check out YouTube videos while consuming less bandwidth.
Google also plans to incorporate VP9 support in WebRTC by the end of the year.
If you want to check out videos encoded in VP9, YouTube already has a bunch here.