(And you can indeed "download a hardware VP8 chip" if you happen to have a Nokia N900, Palm Pre or Motorola Droid and want better quality video since they have a general purpose OMAP3 setup to do exactly this kind of thing, as already shown by Theora DSP work. And OMAP4 has already been announced by TI to have WebM built in so maybe TI themselves will do the work necessary.)
No, a very large proportion of them support High Profile. It was only the very early mobile phones and iPods that used Baseline chipsets. Nowadays H.264 support is almost always H.264 High in hardware devices.
(btw on the OMAP3 in existing devices supporting WebM, the TI rep answered someone's question on their blog with: We are working at the moment on supporting VP8 across all our OMAP products and we will contact you directly with a schedule for your products based on OMAP3.)
The large number of H.264 decoders in the wild is akin to the large Flash player install base. The key difference is that you can't simply download a hardware VP8 chip.