That's in raw data. The h.265 codec already supports compression of 45% on resolutions up to 8192×4320.
Google has created their own codec called VP9 that is also pretty good and has a 50% less bitrate than VP8.
High quality monitors always beat TV's to the market. So hardcore gamers get an edge on next-gen technology.
Current gen uber-cards support 4k right now. Theres some youtube videos of Farcry, Batman, and Aliens vs Pred at 4k.
To everyone who doesn't know why 4k is pwnage, check out this nvidia video:
http://www.youtube.com/watch?v=FGcWrRZ5Ha8