h.264 is not ideal --- like most codecs, it was not designed with multiple CPUs in mind, and incorporates parts of the algorithm that are very hostile to multi-threading (every subsequent step depends on what went before). I think there is room in the world for one more round of the video codec improvement wheel, with the improvements most aggressively targeting ways to segment the work done into independent units that can be decoded on independent CPUs. But this sort of thing seems better done in universities than at Apple.
H.264 has no problem at all with multiple threads. And that's even without slices, you can multithread it with 100% efficiency if you use slices and turn off deblocking across their borders.
On the other hand, a wavelet codec is much harder to multithread, and is also slower even ignoring them, and has worse compression. There's really no reason to recommend them, and I don't think there are any good ones submitted for H.265.