If we talk about video encoding and compression in general, there are several cases in which a huge parallel processing power would be useful.
In modern compression systems, there are numerous options how to encode a sequence. It is hard to predict in advance which method will give the best result in terms of quality and transfer or storage requirements. With sufficient computing power, each encoding option can be executed in parallel for the same uncompressed material and after encoding, select the method, which gives the best result on a second by second basis.
Generating motion vectors requires that an object is detected and also detecting were it has moved in the next picture (or were it was in the previous picture). Performing the search in all directions around the current location can be performed in parallel and then use the best match to generate the motion vector.
Video sequences consist of several pictures, each of which could be processed with a separate groups of processors at lt least until intra-coding is used.
For instance the HDTV 1920x1080 picture can be divided into 8100 macro-blocks of 16x16 each. With only 300 cores, each core would have to handle a slice of macro-blocks :-).