Multiple bitrates multiple formats?

I want to provide multiple bitrates of video in multiple formats (mp4, webm, ogv) and I want the player to select video format, playback method (HTML5 or Flash) and bitrate transparently, depending on platform and bandwidth, like Youtube does.

Is this possible with this plugin? If so, how? Please advise.

http://wordpress.org/extend/plugins/media-element-html5-video-and-audio-player/