1. A video processing device comprising: a video processing unit that decodes a video input signal into a decoded video signal in accordance with a video compression protocol, based on uncompressed video frame data; a data object compression/decompression module, coupled to the processing unit, that: generates compressed video frame data for storage in a compressed video frame buffer by compressing a plurality of video data objects into a plurality of compressed video data objects, wherein a first subset of the plurality of video data objects are compressed via lossless compression and a second subset of the plurality of video data objects are compressed via lossy compression; and retrieves the compressed video frame data from the compressed video frame buffer by retrieving the plurality of compressed video data objects and generating the uncompressed video frame data by decompressing the plurality of compressed video data objects.