We investigate the rate-distortion efficiency of motion and disparity compensated coding for multiview video. Disparity compensation exploits the correlation among the view sequences and motion compensation makes use of the temporal correlation within each view sequence. We define a matrix of pictures with <i xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">N</i> view sequences, each with K temporally successive pictures. For experimental coding purposes, a scheme based on H.264/AVC is devised. We assess the overall rate-distortion efficiency for matrices of pictures of various dimensions ( <i xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">N</i> , <i xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">K</i> ). Moreover, we discuss the impact of inaccurate disparity compensation within a matrix of pictures. Finally, we propose and discuss a theoretical model for multiview video coding that explains our experimental observations. Performance bounds are presented for high rates.