Movie codecs are hard. However jpeg2000 and similar wavelet codecs (like Red's(those bashful camera people) REDcode, or dirac) can yield amazing compression ratios. The main problem is processing power.
Take Red cameras for example. When they first came out, it was a massive pain. Unless you spunked $5k on a super unreliable pci card you'd only get a maximum of 6 fps out of a 8-core mac (and it could only be a mac as there was no linux SDK) With the advent of 3 generations of CPU and better programming skill from people like avid, aja and the foundry we can get real time playback on a laptop.
The problem with uncompressed formats at high resolution (like cinema 4k, and its smaller "UHD" cousin.) is that they eats bandwidth. Full res 4k images with basic RLE is 50megs. Thats 1.2 gigabyte a second. You're lucky to get that out of 10gig Ethernet.
Uncompressed anything is pretty much out of the reach of most consumers. iTunes, netflix, over the air, cable is all either MPEG2 or h.264
It just takes a long time to get from approval to acceptance. The other problem with JPEG2000 is that its not really a motion codec, so it doesn't degrade well over lossy links without special sauce. All of which is non standard.
I saw early whitepapers where they had planned even to do things like recognize people's faces, and deduce geometry, thereby separately compressing a person in the foreground vs background (use case: conference calls, news anchors, etc)
As for whether it is possible to deduce 3D structure 2D, there's been some progress in that regard, check this out: http://www.youtube.com/watch?v=CZiSK7OMANw
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^ You would have to pre-render that stuff in some way first, wouldn't you? The actual source assets for those movies are absolutely massive and do not render in real time.