I didn't know Disney owned NBC....in fact, I'm pretty sure it doesn't (it owns ABC, though.)
Considering my Athlon 64 can't decode h264 and the dual g5 at work struggles mightily with it, I doubt iPods will have much luck in that department, either. If iPods ever do video with h264, they will need new hardware. Very new hardware specifically designed for this function.
If the video store allowed for iPods not only to play video (on what I hope would be a much larger screen) but also to plug into tvs and play movies from there (in standard definition, of course--HD is just too big and processor intensive) then that would be sweet.
But that would probably be such an intense work out for the iPod's battery, processor (even if it had hardware decoding), and hard drive, that I doubt it will happen any time soon, if at all.
I can't see the appeal of paying to watch movies on a 2'' screen. Even if I were interested, I'd just get a PSP. The video quality and quality of its screen are AMAZING and Sony doesn't care about profit margins for those since they make money of the movies and games, so they can make a better product much cheaper. (Although I wouldn't use a PSP for music.)