Not even remotely. H.264 is wondrous, but it can't compete with even ProRes. If we all had gigabit pipes, Apple would be selling/renting the latter over the former, believe you me.
EDIT: Of course, at comparable bitrates, H.264 would likely be superior to ProRes (75-250Mb/s), but the computational complexity involved in decoding even intra-frame only H.264 versus a mezzanine format like ProRes would certainly point towards sending the latter rather than the former down the pipe, ceteris paribus.
EDIT: Of course, at comparable bitrates, H.264 would likely be superior to ProRes (75-250Mb/s), but the computational complexity involved in decoding even intra-frame only H.264 versus a mezzanine format like ProRes would certainly point towards sending the latter rather than the former down the pipe, ceteris paribus.