What makes a codec "next generation"? I assume, broadly, it involves trading off more yet more computation for a tighter encode? (As nearly an embarassingly-parallel problem, video coding continues to get faster with more silicon even if serial performance is stagnant.) What kind of gains can we expect from the "next generation"?
All honest questions, BTW. Links welcome, though something focused on this question and not just a laundry list of features with no reference to the past would be preferred.