I think the main takeaway is that yes, lightning is future proof and can adapt to any output you want it to. I do wonder what's the reason for encode/decode cycle was in the first place though.
He doesn't say, but probably because they just don't have the bandwidth. And thats where all this future proof talk goes deaf. New interfaces will only have more bandwidth, thats the whole point. Meanwhile, Lightning still has the same bandwidth and theres still a considerable penalty in serializing any other interface. If they can't even do 1080p lossless right now, they are in much deeper trouble for the future.
Meanwhile, lossless 1080p would require 20000% more space (no I didn't add too many zeros, that's 200 times more).