Yes, you can play an ogg as a replacement for a CB. What you can't do, however, is to go back and forth between CB stages that way.
And really, a new container format? In the end, that would mean that we'd need a new content creation tool as well. While that might not be difficult to produce, I have to ask if it is really a good idea when we could just as well use a standardized format that can be produced using standard tools and converters that are already freely available.
One problem that a container similar to ani has (which, for those who do not know, is basically a container for a series of pcx files with the individual headers stripped off) is that there is no real video compression going on. As the use of png-based effs proves, these files can become prohibitively large (even anis have that problem; mjn can provide the data here). ogg theora, or other video codecs, would allow us to be way more efficient in that regard.