VP8 is open source, but Google isn't accepting patches, and it resembles H.264 in a lot of ways... and H.264 is patented. Google hasn't been sued over it yet, but if they are, it probably wouldn't end well for them.
Without more detailed analysis of the tech and patents involved, this is FUD. Merely noting that it "resembles H.264 in a lot of ways" doesn't mean that it violates (or is even just somewhat likely to violate) any patents.
"Star Wars" resembles "Lord of the Rings" in a lot of ways, but I don't think the Tolkien estate has sued over the hero's journey archetype yet.
http://x264dev.multimedia.cx/archives/377