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It's already supported as OBS just uses ffmpeg. Update your ffmpeg install to a version that supports x265, but it's ill-suited for streaming right now.
 
The major advantage would be needing less bitrate to achieve the same quality as with x264.
The major disadvantage is needing powerful hardware, or a GPU with full hardware encoding for h265, also the RTMP protocol doesn't support h265.
 
The new AMD cards(Polaris) will have hardware H.265 encoding and decoding up to 4k@60FPS

H.265 is great, you get the same quality with nearly half(might even be a quarter?) the bitrate. Stream quality will make a huge jump when it becomes standard, right now though it is fairly intensive to encode with a CPU.

Decoding H.265 is pretty easy
 
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