This paper discusses generalized B pictures in the context of the emerging JVT/H.26L compression standard. We focus on reference picture selection and linearly combined motion-compensated prediction signals. We show that bi-directional prediction exploits partially the efficiency of combined prediction signals whereas multihypothesis prediction allows a more general form of B pictures. The general concept of linearly combined prediction signals chosen from an arbitrary set of reference pictures can further improve the emerging JVT/H.26L compression standard.