H.265

High Efficiency Video codec a.k.a HEVC a.k.a H.265 is seeing progress in the form of VLC nightly build 2.2.0. where both encoding using the x265 library and decoding (since 2.1.1) in MKV, MP4 and raw are now officially supported.

EOSHD.com wrote a great article on the potential H.265 holds.