The JCT-VC have specified the first version of the Test Model for the new HEVC standard. The Test Model, HM1, will gradually evolve into the final version of the new standard as coding tools are evaluated + added to it. I've posted a summary here together with a link to the JCT-VC document site.
So far, indications are that HEVC will deliver around 2x better compression compared with H.264/AVC, at the expense of a big increase in computational complexity. By the time the new standard is published (around 2013), the hope is that this increased complexity will be well within the capabilities of consumer devices.
There will still be many people who question the need for a new video coding standard. That's why we are developing the OneCodec concept, so that you can deliver improved video coding performance as and when it's needed, without the high cost of switching over to a completely new standard.
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