If you control the client, multiple formats are unnecessary. As we transition to gigabit the need for multiple bitrates becomes diminished, but even now I would

If you control the client, multiple formats are unnecessary. As we transition to gigabit the need for multiple bitrates becomes diminished, but even now I would argue you could get by just fine with just 2. Most TV shows and movies you torrent today are uploaded with 2-3 quality tiers anyway.