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the Moving Picture Experts Group defines industry standards for the encoding, management, and delivery of content through various media.
a codec designed for near-VHS quality video. MPEG-1 is primarily designed for CD-ROM delivery of content through various media.
a codec designed for high-quality video. MPEG-2 is primarily used for DVD disc encoding and other high-quality archival solutions, but can be streamed over high-bandwidth connections, such as Internet2. MPEG-2 playback often requires additional software and/or hardware.
a codec designed for audio. MP3 is the most popular standard used for distribution on the Internet and in portable music players, such as Apple's iPod. Note that MP3 stands for MPEG Audio Layer 3, not MPEG-3 (there is no MPEG-3).
a "codec container" built around free and proprietary codecs, MPEG-4 excels at multi-architecture compatibility and efficient compression for low bandwidth streaming. Being a cross-platform container, its existance makes reduntant other platform specific container protocols: as of QuickTime, Real and WindowsMedia.
The best audio/video codec tuples for MPEG4 are MP3/H.263 (widely supported on most players) and AAC/H.264 (highest efficiency).
built around several non-proprietary codecs, QuickTime excels at medium to high bandwidth clips. It supports MPEG-4.
built around proprietary RealNetworks codecs, Real format excels at low to medium bandwidth clips. It supports MPEG-4. Producers can use the SMIL markup language to add interactivity.
build around proprietary Microsoft codecs, Windows Media excels at medium bandwidth clips. It does not correctly support the MPEG-4, but a modified version of it (MSMPEGv.3).