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H.265 HEVC in Adobe Premiere Pro

H.265 HEVC encoding option in Adobe Premiere Pro

With Adobe’s latest release of Premiere Pro they quietly added the ability to encode your videos in the promising H.265 format, also known as HEVC. While the Interwebs pretty much runs on H.264, as 4K and 5K video is becoming more prevalent a more efficient codec is needed. HEVC touts to be able to encode video at twice the efficiency than H.264 and get equivalent visual quality. Is it true? Initial tests look very promising. What’s your experience with H.265? How long until all platforms support this codec?