I have seen new codecs added over time so it may be possible. I'm looking into new codecs to compress my MythTV recordings and new ones like VP9 or h265 look promising for file size and quality. But I don't want to lose the use of my Pi for watching them.
It's a free codec with no royalty fees and made by Google with plans to be used in Youtube
I'm also hoping the fact that Broadcom is a new hardware partner might help since the PI is using a Broadcom video core.
I am not looking for the work to be done immediately just if it may happen, so I can do more planning for the future.