JPEG 2000 for each frame? I wonder what they use for decompression. JPEG 2000 decompressors are really slow. Most couldn't keep up with frame rate without GPU support.
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The choice of JPEG 2000 is unexpected. Most of the neat features of JPEG 2000 are useless for cinema. Being able to construct a low-rez version from a truncated file isn't useful. Nor is the ability to divide the image into tiles and decompress different tiles at different resolution. (That's used in JPEG 2000 medical and military imagery, where you want to zoom in on the interesting part and see it in lossless mode.) You can have more than RGB or RGBA layers, which the multispectral imagery and prepress people like. Maybe the advantage is that you can have more than 8 bits of color depth.