You have to provide both Theora and MP4. Firefox does not (yet) support MP4, and Safari does not (yet) support Theora.
You have to wonder if it's worth the bother. Maybe use HTML5 with an MP4 file because then at least it'll work in iPad. The MP4 file itself can be made to play on the iPhone and many other portable devices. For everything else use Flash. You can repurpose the MP4 for your Flash player. Just be sure it has the moov atom set for immediate play if progressively downloading.
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