The Nikkei Business Daily Wednesday edition reports that JVC developed a technology to compress HD video content to 1/125th of its data volume, while maintaining high image quality.

Full HD video is usually compressed to 1.5gbs. JVC apparently reduces that to 12mbps while maintaining the same quality. The new HD video compression is conform to the MPEG-4 AVC standard (Wiki).
JVC is already licensing the technology already and it should work with Blu-ray movie discs. Not sure how they can incorporate that with Blu-ray, but that is what the article says. If this compression works, it could really make the live with High-Def much easier.

Update:
I4U reader Sebastian W. questions if this new JVC codec is doing anything better than the current available codes in HD cameras that already can record at the low rates 12.5mbps rates. Still unclear is the way it would work with Blu-ray. If you are a HD video expert feel free to email me your opinion on this.

More details on Nikkei.Net (Subscription).