Heya,
That is correct, HEVC is h265. The big benefit to storing in HEVC vs H264 is that there's a good amount of storage saved. The downside to on the fly transcoding is that it'll require CPU/RAM when it is transcoding. Though if storage is the main concern, storing in a better format is definitely a good method. Streamwise they're both good, though H264 just has more support over playback devices, but that doesn't mean that HEVC/H265 isn't good or viable, it all depends on your target playback device.
I've also checked around with my colleagues, there's no branch that can do VoD properly (as in work with seeking + transcoding) as of right now. There are plans, but to give a estimate on them would be a bit hard and very unlikely true. Two other things did come to mind however:
- You could use Thorium, which should have support for HEVC in the browser. The playback devices might need some more CPU depending on the device, but it "should" work.
- You could switch to AV1 instead, which will end up getting better support and should be even better for your storage. Even better AV1 support is very high on our list and other devices/hardware are supporting it more and more as well.