This document compares video compression standards MPEG-4 and H.264. It discusses key factors for video compression like spatial and temporal sampling. It provides an overview of MPEG-4 including object-based coding, profiles and levels. H.264 is introduced as a standard that provides 50% bit rate savings over MPEG-2. Profiles and levels are explained for both standards. Common uses of each are listed, along with future development options.