2013-2014 will see the release of the new MPEG-H standard. Initial word is half the current file size for equal resolution. 'Ultra High Definition TV' Not sure if this is the same as the h.265
http://en.wikipedia.org/wiki/Moving_Picture_Experts_Group
http://www.theregister.co.uk/2012/08/15/hevc_video_standard/
h.265: http://www.engadget.com/2012/08/15/mpeg-drafts-twice-as-efficient-h-265-video-standard/