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H265 you mean? There are much better alternatives. VP9 is progressing fast.
Any of the latest wave of codecs really. I mean, you can easily stream 1gbps over the network or from an HDD these days, that's a lot of bits to throw at video encoding. Of course it's never going to be as lightweight as audio, but it's *doable*.
I'm not sure if there are good ABX tests of video encoding at high bitrates, but given a quick research I'd wager that even h.264 at a crf yielding ~50mbps for most sources should be pretty much transparent for 1080p.
H264 is outdated if you see the @streamingmedia whitepapers for the new formats. Very informative platform.
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