JPEG either makes "smeared" screenshots or low-compression screenshots. PNG often works better.
A proper video codec mostly sends the small changes between frames (including shifts,like scrolling), and relatively rare key frames. It could give both a better visual quality and better bandwidth usage.
What's interesting in the "screenshot per second" solution is that it can be hacked together from common existing pieces, like imagemagic, netcat, and bash; no need to install anything. (Imagine you've got privilege-limited access to a remote box, and maybe cannot even write to disk! Oh wait...)