Awesome stuff, it's about time. This will hopefully also make online streaming less bandwidth hungry.
so some need new hardware to watch it. got an ancient computer? yes, you are out of this business next year when streaming services switch codec.
I've seen 1080p movies on Netflix, that depending on the distance to the screen, can look about the same as BluRay, or when sitting closer, look way worse than BluRay. Hopefully, the new encoding format will not only be used to keep to quality and cut the bandwith in half, but use the lower bandwith to increase quality.