The Moving Picture Experts Group (MPEG) has produced a draft standard for a new video-compression format that delivers the same video quality in half the bandwidth of the current H.264 standard.
End of article mentions "3D video systems that did not require 3D glasses. Fröjdh said the technology could be standardised by 2014."
Also, I thought h.264 was already pretty darned good quality compared to size. Halving the bandwidth from that at no quality loss is a pretty tight effort.