There is no encode block on Carrizo for H.265, AFAIK.
That's just the thing, we really don't know anything for certain at this point.
I see it as a possibility that they included hardware encode instructions for the purpose of cornering HTPC market share. But I must admit, how much revenue would such a move realistically produce? As you can see in my signature, I run a 4790k, prior to this I ran a Llano system. I must admit I truly hope that AMD pulls a rabbit out of their rat, but it's been so many years of comparative failure now (In the enthusiast CPU realm) that my hope may be that of a fool.
If AMD has actually managed to make substantial gains in Carrizo via architectural improvements on the CPU and GPU side of things I will be..... shocked. If AMD manages to bring a GOOD product to market in 2015 I will be very impressed. As far as I am concerned, AMD brings decent products to market as long as you are capable of dutifully discerning your needs and evaluating what performance trade offs you need to take fill those needs. AMD, in my opinion, does not currently have a proper enthusiast product in the market at this time. To be frank, I seriously doubt their ability to bring an enthusiast offering to the market ever again.
EDIT:
I ask any AMD fans to spare me and the readers from any pro AMD rhetoric or benchmarks. I am well aware that AMD products perform very well in some metrics vs Intel's offerings. I want to be clear, I hope AMD brings a real and true product to the enthusiast market, but I just cannot see it happening, yet I will be happily disappointing if I am wrong.