Speed is inconsequential IMHO, even if it was 2-4x+ as slow as optimised HEVC or VP9 encoder, that would be soemthing that would be solvable - if by nothing else, by throwing more CPU cores there.
My fear is that the problems are going to be the same as with VP8/VP9 and (to a lesser degree, it has matured somewhat) x265: the encoder will be too fresh, too crude, without good rate control and lacking in utilisation of the new compression tools. The advances of format will be probably negated by poor quality encoder. This problem is hard and practice shows it takes years to improve. I think CPU requirements are nothing compared to that.
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