The H.265 codec, also called HEVC is for High Efficiency Video Coding, now it is expected to appear in the Next NVIDIA Maxwell 20nm.You know, those engraved in 20nm expected more afraid of eating cold soup. The upcoming graphics cards green chameleon should bear in hardware decoding of this codec.
The H.265 will be very useful to take advantage of high definition video (up to 7680 x 4320 definition) while dividing the video bit rate of 50-60% over the current H.264, enough to allow read streaming trafficked. But the power required for decoding is huge, which explains the need for a dedicated chip that should be present on future Maxwell.
This rumor is not surprising when you consider that the next Snapdragon 805 integrate hardware decoding is H.265 via its Adreno GPU 420. This SoC to mobile should be available in Smartphones next few months. On the AMD side, no information for the next Radeon but it would be surprising if they do not support the decoding of HEVC.