I thought 265 is targeted at bringing in the age of UHD via streaming. I doubt we'll see another form of hard media to replace BDs. Hell DVD hasn't gone away.
H.264 is used on disc and for streaming. H.265 can be used the same way. It supports bit-rates that are impractical for streaming.
I think we will see a physical UHD format. It may be backward compatible with BD players. Though, 3D was supposed to be that way, but most (all? I haven't bought any movies that were released in 3D fora while) 3D releases include a 2D disc instead combo that uses the 3D extension.
My goal is to have a 4k projector with a laser light source in the next couple of years. My phone has a 5" screen, and is 1080p. More pixels are better.