Switzerland-base development and design firm Jilion recently launched a site demonstrating their latest project, SublimeVideo, an HTML5-based video player. Although not publicly available as of yet, this sleek, fast, and plug-in free video player shows off the potential of the upcoming web standard HTML5.

If you've been wondering what the future of web video looks like, look no further than here.

Last month, big name social video sharing sites YouTube and Vimeo each announced the debut of HTML5-based videos. In YouTube's case, the new players are only available via their test site "TestTube" while interested Vimeo users must opt-in to the beta test by clicking links below each video.

As exciting as both announcements were, neither project holds a candle to what SublimeVideo currently offers. The HTML5-based videos on both sites still feel slow - not exactly demonstrating the internet revolution promised by this new web standard. In addition, neither company is yet offering full-screen HTML5 videos.

However, SublimeVideo does full-screen videos and a lot more, too. Behind its attractive user interface much thoughtful design accompanies the HTML5 code powering their new player.

In the SublimeVideo demo, you can already maximize the video to full-screen (if you're using a WebKit nightly build) and it also offers other features like live-resizing when resizing the browser window, well-designed controls on a draggable plane, a keyboard shortcut (spacebar) to play and pause the video, effects like zoom-in and out transitions, and, of course - thanks to HTML5 - you can jump into the video at any point and have it play without wait for it to buffer.

According to the project's homepage, the SublimeVideo team is working on additional features that will arrive in the public release, said to be "coming soon." These include volume controls, IE support by falling back to Flash, and Firefox support. (At the moment, the player only works in Google Chrome, Safari, and IE with Chrome Frame installed.) Oh and it will work in mobile Safari, too.

More than any other technology demo currently out there, SublimeVideo showcases the future of web video in all its speedy, sleek, and plugin-free glory.

For more information on the software and the company's plans, you can follow their Twitter account here: twitter.com/Jilion. And for more great HTML5 demos, check out our previous post on the subject here.