Sorry about the confusion earlier, Atrus was slightly confused regarding the differences between x264's OpenCL support and Intel's ISMD and QuickSync video, and asked me to drop in and explain the details.
OpenCL support in x264 is only able to offload the lookahead process to the GPU; lookahead isn't the largest part of H.264 encoding, but it's the easiest to parallelize, and thus the best-suited to being performed on the GPU. It never produces any quality degradation. Since lookahead isn't as important, it only gets about a 13% improvement (which Atrus mentioned), and this would be even smaller using the settings Plex Media Server generally uses (which are optimized for transcoder speed). This support probably isn't worth much to the end-user, but may end up usable (with no user interaction) in a future Plex Media Server version simply due to ffmpeg and x264 being updated and some minor additional tweaks, but I can't provide a confirmation or timeline on that.
Intel SMD (Streaming Media Drivers) are hardware audio/video decode/encode and other processing systems often seen on NAS machines, and QuickSync Video is a similar system seen on newer mainstream processors (starting with Sandy Bridge, expanded on Ivy Bridge, and available on almost all Haswells). These 2 systems (which have entirely separate SDKs) allow, in the best case, for the entire transcoding process to be performed on dedicated decoding and encoding hardware on-die with the CPU, which can create a huge speed advantage, especially if the CPU is already loaded (e.g. with another transcode, or some other program the user is running) or was weak to begin with, but they're limited to a fixed number of concurrent transcodes, and usually result in significantly lower quality than x264's output. Still, the process is worth while for many users' servers, so we may be looking into integrating these systems into Plex Media Server at some point in the future, but I also can't provide any confirmation or timeline. If I was Adam Savage, I'd say "Plausible".
Lastly, Intel Clear Video and similar technologies allow most or all of the H.264 decoding process to be performed on a general-purpose GPU. This is more useful for reducing power usage during playback on laptops and similar, but could provide some (no idea how much) performance boost in some cases for the transcoder. To be honest, I haven't even begun to research whether or not it'd be feasible to use GPU decoding across our supported platforms in ffmpeg, so I don't even know if it's remotely probable as a future feature.
All of the above features are things that we could look into in more detail for the transcoder in the future, but our dev team is small, and we can't focus on the transcoder as much as we'd like to. However, the transcoder itself is a fork of the open-source project ffmpeg, to which anyone can submit feature requests or patches to implement said new features. If you'd like better support for hardware transcoding, upstream is always a good place to look.