Dirac's been around for a while. Shows a lot of promise, although don't expect 'better than MPEG4' stuff, because motion comp makes up a larger part of the compression than the frame packing, so wavelet vs. DCT isn't necessarily a big win.
Best news is the desire to make it patent free - and the BBC have a reasonably big stick in this respect since they have a slice of the MPEG pie already.