The last time I used x265 was about 8 months ago, and the quality was to be expected given the development infancy. Just tried again with the latest build by LigH, things have improved immensely, both speed and quality.

ducks_take_off_1080p50.y4m
x265_Win64_64bpp.exe -o output.hevc input.y4m
x264_Win64_10bit.exe --crf 31.6 input.y4m output.mkv
https://dl.dropboxusercontent.com/u/34113196/x265.hevchttps://dl.dropboxusercontent.com/u/34113196/x264.mkvy4m [info]: 1920x1080p 1:1 @ 50/1 fps (cfr)
x264 [info]: using SAR=1/1
x264 [info]: using cpu capabilities: MMX2 SSE2Fast SSSE3 SSE4.2 AVX
x264 [info]: profile High 10, level 4.2, 4:2:0 10-bit
x264 [info]: frame I:2 Avg QP:50.35 size: 81802
x264 [info]: frame P:251 Avg QP:52.02 size: 37366
x264 [info]: frame B:247 Avg QP:53.78 size: 6177
x264 [info]: consecutive B-frames: 1.2% 98.8% 0.0% 0.0%
x264 [info]: mb I I16..4: 6.1% 71.8% 22.1%
x264 [info]: mb P I16..4: 0.6% 1.6% 0.1% P16..4: 50.2% 19.2% 10.9% 0.0% 0.0% skip:17.3%
x264 [info]: mb B I16..4: 0.0% 0.1% 0.0% B16..8: 41.3% 0.6% 0.2% direct: 0.6% skip:57.2% L0:15.6% L1:82.5% BI: 1.8%
x264 [info]: 8x8 transform intra:70.7% inter:74.1%
x264 [info]: coded y,uvDC,uvAC intra: 58.4% 64.7% 35.6% inter: 25.3% 17.1% 0.8%
x264 [info]: i16 v,h,dc,p: 4% 83% 3% 9%
x264 [info]: i8 v,h,dc,ddl,ddr,vr,hd,vl,hu: 3% 39% 14% 3% 6% 3% 19% 2% 12%
x264 [info]: i4 v,h,dc,ddl,ddr,vr,hd,vl,hu: 4% 52% 12% 3% 5% 2% 12% 1% 8%
x264 [info]: i8c dc,h,v,p: 62% 32% 4% 2%
x264 [info]: Weighted P-Frames: Y:4.8% UV:2.0%
x264 [info]: ref P L0: 90.5% 5.8% 3.6% 0.1%
x264 [info]: ref B L0: 98.0% 2.0%
x264 [info]: kb/s:8854.55
encoded 500 frames, 22.69 fps, 8855.13 kb/s
y4m [info]: 1920x1080 fps 50/1 i420p8 sar 1:1 frames 0 - 499 of 500
x265 [info]: HEVC encoder version 1.4+527-d26268f9dc19
x265 [info]: build info [Windows][GCC 4.8.2][64 bit] 16bpp
x265 [info]: using cpu capabilities: MMX2 SSE2Fast SSSE3 SSE4.2 AVX
x265 [info]: Main 10 profile, Level-4.1 (Main tier)
x265 [info]: WPP streams / frame threads / pool : 17 / 3 / 8
x265 [info]: Internal bit depth : 10
x265 [info]: CTU size / RQT depth inter / intra : 64 / 1 / 1
x265 [info]: ME / range / subpel / merge : hex / 57 / 2 / 2
x265 [info]: Keyframe min / max / scenecut : 25 / 250 / 40
x265 [info]: Lookahead / bframes / badapt : 20 / 4 / 2
x265 [info]: b-pyramid / weightp / weightb / refs: 1 / 1 / 0 / 3
x265 [info]: Rate Control / AQ-Strength / CUTree : CRF-28.0 / 1.0 / 1
x265 [info]: tools: rd=3 psy-rd=0.30 deblock sao signhide tmvp
x265 [info]: frame I: 3, Avg QP:36.35 kb/s: 34836.93
x265 [info]: frame P: 124, Avg QP:36.74 kb/s: 25119.47
x265 [info]: frame B: 373, Avg QP:39.85 kb/s: 3166.34
x265 [info]: global : 500, Avg QP:39.06 kb/s: 8800.74
x265 [info]: Weighted P-Frames: Y:21.0% UV:13.7%
x265 [info]: consecutive B-frames: 1.6% 0.8% 0.0% 97.6% 0.0%
encoded 500 frames in 82.58s (6.06 fps), 8800.74 kb/s