H.265 will 'add' a bit more than ten years of life to the encumbrance, so in that regard it is worse.
The competitive pressure of RF formats against H.264 drove the licensing fees _very_ low (with many use-cases made no cost, but even the w/ fee cases are basically 1/10th the AAC royalty rates). H.265 looks like it will have many more patent holders too. But it will likely be several years before there exists an even incomplete H.265 pool license, so it may be a while to see how much worse (or better) the rates are compared to H.264.
The competitive pressure of RF formats against H.264 drove the licensing fees _very_ low (with many use-cases made no cost, but even the w/ fee cases are basically 1/10th the AAC royalty rates). H.265 looks like it will have many more patent holders too. But it will likely be several years before there exists an even incomplete H.265 pool license, so it may be a while to see how much worse (or better) the rates are compared to H.264.