How would 2-3x better compression be achievable?

I don't use or desire multichannel audio but that and the hardware acceleration are interesting points.

FLAC uses 1970’s era compression technology for both compression stages (lossy and residual) in order to conservatively avoid patents in the implementation. Just replace the lossy component with AAC, which is now out of patent protection, and replace Rice coding for the residual with the much better (but was still patented in the 90’s) arithmetic coding. Those two changes should get 2-4x performance improvement, as well as hardware accelerated encoding and playback as a free bonus.

Multichannel audio support is nice because it is often used in distribution of media files sourced from DVD/BluRay. It would be good to have a high quality, free codec for that use.

Thanks. I would love to see a PoC of this making my music files that much smaller.