1. 1080p streaming video from Apple, Netflix and others looks pretty good, but it suffers from more compression artifacts when compared to Blu-ray. It simply doesn't look as good. With a more efficient compression technology, streaming video could have similar file sizes to today's H.264 video but look more like Blu-ray.
2. I already own a laptop that does above 1080p video. When Apple release a Retina iMac or Thunderbolt display it will be around 5k. Other manufactures will be there too. 4k or so TVs and projectors are on their way. Streaming technology makes a lot more sense than a new physical format for higher resolution video. In order to realistically deliver 4k video (or 5k video like The Hobbit is being shot in) over IP, we would need better compression than H.264
3. Files sizes could be cut down, allowing people to consume more video without going over their caps. This would also allow mobile devices to store more high quality video content for on the go.
The best case scenario would be that we get a combo of all three. 4k-5k video content is still a bit way for home use, but when it does come. H.265 sounds like the way to go.
In the next few years, this technology could be used to cut down on file sizes some, while also upping the quality of video. This is what we saw with Apple's 1080p video which uses high profile H.264 video, whereas Apple's 720p video is main profile H.264. Yes, the 1080p videos are bigger, but not by much.