The problem with these large inter-frame compressed CODECs is that they are synchronous - ie. they encode and decode in the same manner. And their premise has been primarily for encoding, to retain a smallish filesize, accomplished through large inter-frame GOPs.
The trick is to have a large GOP-capable CODEC; BUT then decodes using small or non-existent GOPs - an asynchronous CODEC. With real-time algorithms widely available, this isn't so far fetched a paridigm. Coupled with hardware assists, this is what the industry and HTML5 needs (just to ensure that my mini rant fits into the thread-scope)
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