For x264 that is true, HEVC which is also mentioned is much slower. For a 4k source transcoding can take more than a second per frame. For a normal movie this can quickly result in encoding times of more than a day.
Another problem is that you have to encode the movie for each codec profile times the number of different bitrates per profile. The article mentions four profiles (VC1, H.264/AVC Baseline, H.264/AVC Main and HEVC) and bitrates ranging from 100 kbps to 16 Mbps. Assuming now there are 20 different bitrates per code you already get 4*20 => 80 encoded copies per source. But of course this can be solved by parallelism.
Another problem is that you have to encode the movie for each codec profile times the number of different bitrates per profile. The article mentions four profiles (VC1, H.264/AVC Baseline, H.264/AVC Main and HEVC) and bitrates ranging from 100 kbps to 16 Mbps. Assuming now there are 20 different bitrates per code you already get 4*20 => 80 encoded copies per source. But of course this can be solved by parallelism.