I have done my own comparisons of AVC (using x264, single-thread, veryslow preset) and HEVC (using x265, disabling wavefront processing because it slightly reduces quality, veryslow preset). All 1080p video, significant because HEVC is supposed to scale to 4K better than AVC.
1) x265 takes FAR longer to encode, but we knew that. Understandable.
2) When "low in bits", x265 blurs images rather than making them look blocky. This sometimes looks better but to me often looks worse.
3) x265 seems to force a denoise filter. Video is far easier to encode efficiently when denoised, so I figure this is part of the data savings. It's a bit of a cheat, however, because I can get far smaller file sizes by running a denoise filter myself for x264-encoded video.
I looked closely, for example, at Captain America the Blu-ray. Much of the detail of, e.g. car leather and grass and tree leaves is lost in an x265 encode, even at about the same overall data rate as x265/
x265 supports "--tune grain", roughly analogous to "--tune film" for x264, but it makes the video vastly larger -- often larger than x264's version, and it often looks worse. It does a better job of keeping grain, however.
My experience is very similar to many others' in forums. I had committed to switching my encoding to HEVC, but the results of my tests showed it is not ready for prime time. Some may not mind blurry ("soft" is probably a better word) video, or video that looks like it has been through a denoise filter, but I do.
This is not to say that x265 is junk. I am sure it will mature over time just like x264 had to over time. x264 started out as being not all that much better than divx, the previous generation.