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I did a test a while ago and the VP7 from On2's site was 5% slower than ffdshow (original, not tryouts) H.264 at the same time. I used default decoding settings.
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VP7 use Post-Process by default like DivX. If you want make serious comparison use decoder without PP like for MPEG4 ASP. In my memory VP7 without PP use the same CPU ressource than MPEG4 ASP. Say that H264 is faster than VP7 is like say that H264 is faster than MPEG4 ASP.
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If I had a dollar for every company promoting their format as "far better than H.264" that then turns out to be a joke, I'd be rich. Extraordinary claims require extraordinary evidence, and On2 has provided neither, especially given the fact that their PSNR values in their test for x264 are over 4db lower than those achieved by residents of #x264 on Freenode at the same bitrate.
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One2 is a serious compagny. At the VP7 begin One2 annonce comparable result to H264 (metric) with really faster decoding and it was true at this time. I make the test. You too?