1. do a still "high" bitrate on H265 equal even better IQ than a H264 recording made with similar or close bitrate.
2. is footage made with a much lower bitrate setting in H265 just as good as a recording made with H264 and a much higher bitrate.
some statements from Tom Frank on this
TF You have the option to record at the same bit rate with either codec, or chose a lower one when using HEVC to get smaller files while not giving up any video quality.
TF But
with H.265 codec, the bit rate can be about 1/2 of what the H.264 sample uses and still get the same quality! But you have to manually pick a lower setting in the configuration to do that, and it's not clear from the settings right now what bit rates they produce until you shoot some clips. I'm developing a table with these values, but it's not complete.
At any rate, you won't improve on the original using H.265 vs H.264, so you might as well save yourself some time.
some replies to the comments
Me so H.265 at 20mbit will deliver the same sort of results as H.264 at 40mbit, I think that's what you're saying
TF The quality of the two clips (all other things being equal, e.g. cameras, settings, scene, resolution, frame rate, etc.) will be virtually identical,
BUT the H.265 file will be approximately 1/2 as large!
Me so H.265 at 40mbit won't look any better than it did at 20mbit
TF NO, it has the potential to look better (as does H.264), as the bit rate increases, but it depends on how much detail and motion are in a scene.
Me and won't look any better than H.264 at 40mbit either?
TF H.265 has the
potential to look better than H.264 at any given bit rate, but again it depends on many things (e.g. cameras, settings, scene, resolution, frame rate, etc.). For 1080p-60fps video, you may or may not see a visual improvement. I suggest doing a google search on "H.265" or "HEVC" for MANY hits that go into this a lot deeper than I can do here, some have image samples.
to say that the contradictions are confusing is an understatement, still can't make sense of Tom's logic on this