MP4 is already well defined. 'MP4' files are MPEG4 audio/video files.
Quicktime is able to play and encode MP4 files - DivX claims to be able to play standard MP4 files but can't play the audio, additionally it's encoder is crippled so as only to encode to AVI. There are numerous professional MPEG4 codecs for windows that fully support the MP4 standard (e.g. Sorenson), although many of them only support the basic audio encoding scheme called AAC(LC) - The MPEG4 standard defines some considerably more sophisticated audio coding methods, although there are few encoders commercially available.
MPEG4 is gaining popularity with portable equipment, e.g. video phones - save a clip from a typical video mobile, and it will be a .mp4. This is such an exanding market, that new CPUs now offer new instructions designed for accelerating MPEG4 transformations (e.g. Arm 10 and Arm 11 series CPUs).