I understand that the application area of H264 compression is more widespread than that of MPEG-1. Leaving aside all that if we compare just the compression factor in both these techniques, can anyone please tell me which of the to has better compression ratio. Is the compression mechanism in H-264 same as that of mpeg-1? I am right if I say that way this algorithm has been written, it allows it to be used for a variety of purposes but the compression achieved is the same as of MPEG-1? I mean how do we really compare just the compression part of the two algorithms? What are the differences if H-264 provides better compression than MPEG-1?
It's practically like asking for a comparison between VHS and Apple ProRes or maybe Red Raw.
There's far too much math involved and most probably would glaze over trying to grasp it but, in short, they're not even worth comparing in my opinion. I wouldn't use MPEG1 for anything unless a specific program or truly ancient compatibility needed it.
If you want to compare, take a 1920x1080 source and encode to 1000kbps (very aggressively low) but use High Profile, CABAC entropy for H.264 and compare.