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MP4 stands for (MPEG Layer 4). It's an already developed Video codec that is in use.
Here is the document submitted by IBM that describes what's a MP4 file and how it works. The document title is "MP4 Technology under consideration for ISO/IEC 14496 " you can read it @ http://www.cmlab.csie.ntu.edu.tw/~pkhsiao/ISO/N4270-2.doc
Odds on your side with this gamble. Will mp4player ever be as populsr as mp3player- no one can really tell but it does have a great ring to it as the "next"step streaming media gadget craze.