With VLC i'm able to transcode a live RTSP stream (mpeg4) to an HTTP stream in a OGG format (Vorbis/Theora). The quality is poor but the video work in Chrome 9. I have also tested with a trancoding in WEBM (VP8) but it's don't seem to work (VLC have the option but i don't know if it's really implemented for now..)
The first to have a doc on this should notify us ;)