The press release says
VP8 Codec SDK "Bali" Released
Tuesday, March 8, 2011 | 10:47 AM
Today we're making available "Bali," our second named release of the VP8 Codec SDK (libvpx). Note that the VP8 format definition has not changed, only the SDK.
You can download the Bali libvpx snapshot (version 0.9.6) from the WebM Project Downloads page or clone it from our Git repository.
For Bali we focused on making the encoder faster while continuing to improve its video quality. Using our previous releases (our initial 0.9.0 launch release and "Aylesbury") as benchmarks, we’ve seen the following high-level encoder improvements:
Ful text at
VP8 Codec SDK "Bali" Released - The WebM Open Media Project Blog
So why have they chosen "Bali" as a codename for a software release? I guess it's just a convenient 4-lettr work with pleasant associations.
And what is Web-M - wikipedia says
WebM is an audio-video format designed to provide a royalty-free, high-quality open video compression format for use with HTML5 video. The project's development is sponsored by Google.
I guess it shows that Google has a long term aim of being a major player in video distribution over the Internet.