Comment by astrange

Yes, H.264 has brightness/fade compensation for past frames. It's called "weighted prediction".

The previous codec MPEG4 part 2 ASP (aka DivX&XviD) had "global motion compensation" which could encode scales and rotation, but like most things in that codec it was broken in practice. Most very clever ideas in compression either take too many bits to describe or can't be done in hardware.