> You should just assign a different compression factor to the chroma channels instead [of subsampling chroma].
The good news is that we don't need to change the H.264 standard for this.
Supposing that:
- most of the already deployed embedded H.264 decoders support 4:4:4 profiles
- non-chroma-downsampled input content is available
Then, it's only a matter of changing encoder implementations to do exactly as you say.