Owned by the standards participants will have to be licensed on an FRAND basis.
So while it won't do Free software any good the situation won't be much worse than for AVC unless Google/Motorola or Samsung win in their current cases with Microsoft and Apple about the meaning of FRAND commitments. If FRAND commitments are weak or loose many companies may fight to get the biggest slice of the benefit which could effectively kill the standard.
H.265 will 'add' a bit more than ten years of life to the encumbrance, so in that regard it is worse.
The competitive pressure of RF formats against H.264 drove the licensing fees _very_ low (with many use-cases made no cost, but even the w/ fee cases are basically 1/10th the AAC royalty rates). H.265 looks like it will have many more patent holders too. But it will likely be several years before there exists an even incomplete H.265 pool license, so it may be a while to see how much worse (or better) the rates are compared to H.264.
So while it won't do Free software any good the situation won't be much worse than for AVC unless Google/Motorola or Samsung win in their current cases with Microsoft and Apple about the meaning of FRAND commitments. If FRAND commitments are weak or loose many companies may fight to get the biggest slice of the benefit which could effectively kill the standard.