AppleInsider writes that "Jobs is likely not pleased about the current state of FireWire himself. Apple invented the standard in the late 80s as a hot pluggable replacement for SCSI, with a special emphasis on supporting media streaming with isochronous, real-time data transfers. The company then released the specification through a standards body to become IEEE 1394, where others including DEC, Texas Instruments, and Sony contributed to its development as well."
AppleInsider continues to write an in depth report about the history and future of Firewire. It's worth a read. TUAW has also chimed in with some more detailed information about HD cameras and video formats.