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.