Systems and methods for low-delay video streaming featuring multiple video compression ratios. One embodiment of the system includes: a real-time video encoder (RT-VE) that receives an incoming high-definition uncompressed video (HD-UV), processes the incoming HD-UV according to first and second compression ratios, and sends the processed video over a resource reservation communication link to a real-time video decoder (RT-VD). The compression delay added by the RT-VE is below the duration of a single video frame, and the RT-VD converts the processed video into an outgoing HD-UV. Wherein on-the-fly switches between the first and second compression ratios, while continuing to receive the incoming HD-UV uninterruptedly, are both visually lossless switches and maintain a total delay between corresponding frames of the incoming HD-UV and the outgoing HD-UV that is below duration of two video frames.