So I am on the fence between two cameras DS-2CD2420F-I and DS-2CD2455FWD-IW. One is basic old 2mp h264 the other is 5mp far better with lots of features and h265+ and because I will need 4 cams price difference is exactly £200. So I thought maybe I will be fine with 2mp but at least I was hoping to save some storage, bandwidth and money.
OK so your goal is to keep as much bandwidth and storage as possible then go for a full H.265+ chain (keep in mind that H.265+ is not a standard compression but some "in-house" enhanced version, only H.265 is the standard).
I am curious to know if this NVR able to read from H.264/H.265 source but store/recompress into H.265+ ? may be you could find the answer in some settings ?
Now about 2MP/H.264 vs 5MP/H.265+ you may not gain any storage space if you record will full resolution of each camera because H.265 use twice less (average, can be more can be less) than H.264 but if you record using full resolution of the 5MP camera then you will use same bandwidth/storage as the 2MP/H.264 because you double the resolution unless you record only FullHD resolution from the 5MP camera. And then question is do you need more than FullHD resolution ? ALso keep in mind that the sensor's size is same on both camera and so picels will be smaller on the 5MP model and may be less efficient in low light condition, of course technology improve regularly but you may check the specs of each sensor against light performance.
I am also interested in what you qualify "far better" (the 5MP model against 2MP) ? at least what you consider from your point of view to be far better (each people has its own priorities).