ok... that is somethign new to the mpeg-4 spec since i worked with it then...
MPEG-4 was targeted for internet distrobution... though its container format is very flexible (its simmiler to quicktime)... so i could see very easily it being used for video editing in the future...
MPEG-4 simple profile or advanced simple profile are both 10 megabits per second maximum.... the rest of the ideo profiles were ot finalized when i started coding an mpeg-4 toolkit... and other video profiles were more targeted for even lower bitrates than simple and advanced simple... plus wavelet was on the table for discussion... talk about a 180 degree turn around if they add a lossless...
the best thing they could do would be to add mpeg-1 video layer, and mpeg-2 video layer to the container format... then add a YUV and RGB uncompressed... then maybe a lossless (ala huffyuv or losless jpeg)...
alot of options once you change the scope of mpeg-4

