Came across these 2 petitions today and it looks like they'd be helpful for us and zeubea's ICS ROM.
Description from website:
We want OpenMax Codecs for Arm V6!
With these codecs, on the ICS ROMS for our devices, we will finally have a decent camera on our smartphone, we will be able to use the Panoramic Mode, HQ on Youtube, HW acceleration mode for the videos, and much more!
UPDATE 2: Seems like bad news for us. See here.
So here's the first link (This one has more signatures):
NOTE: You don't have to put your address down. Just a number like 5 seems to work
And here's a second petition with fewer signatures: