The best replacement for 264 is mpeg4.

The best alternatives to 264 are rated as following:
★★★★★  mpeg4
★★★★★  xvid
★★★★  mp4
★★  divx
★★  mpeg2
★★  mpeg4 which is better
★★  mjpeg
★★  wmv
★★  272
★  mpeg 4
★  h 263
★  265
★  mkv
★  vp6
★  257
★  apple prores
★  avchd
★  vc 1
★  mpeg-2
★  mpeg 2
★  mpeg
  avi
  prores
  h.265
  mov
  d1
  prores 422
  x.264
  vc-1
  h.263
  ffmpeg
  motion jpeg
  . h264
  avc

Your alternative for 264 is not listed? Suggest!
Speaking about 264, one probably shouldn't forget about re encoding.

Other search terms related to 264 and their ratings are:
★★★★★ re encoding
★★ re-encoding
You have in mind a companion for 264 and it is not yet here? Propose!



Google Trends

Scale is based on the average worldwide traffic of 264 in all years. Click on graph for more.
264
mpeg4
xvid