The thing to remember is that no matter how good the output format (and this one is quite good), the biggest problem with these cameras is still the CMOS/CCD. RED cameras have a notoriously noisy output, and I've been cursing a Canon 5D for weeks now because I couldn't get a decent grade without taking care of banding. The other thing is the dynamic range (again, sensor only), which is still a setback for most cameras. DSLRs have pushed the boundary there, but it still feels experimental working with them.
This doesn't mean this isn't impressive, but cameras are something I'd like to put under a microscope (er, vectorscope?), before putting any of my precious creations at stake.
You're probably already aware, but if not: Magic Lantern alternative firmware for the 5D makes it much much nicer for making videos. In the right hands (which are not mine ...) I've seen it make low-light video results much, much better.
Haven't tried it yet, unfortunately. Not being your own DP has some disadvantages too...
If you've seen any low-light footage with with manageable noise on it (forget manageable, just make it pretty) shot with Magic Lantern, I'd love to know about it.
This movie is from Trammell Hudson, the guy who created Magic Lantern. He doesn't mention that Magic Lantern had anything to do with the low light performance, so I assume the performance is plain 5DII - however, features from Magic Lantern can help you get the focus, exposure etc much better than stock firmware. (I am sure, however, he used ML when taking this video)
I'm with you on the importance of the CCD, but isn't it the whole point of lossless compression to fix your banding problem? I thought banding was because of the information thrown out by h264. When you color grade, you're smearing the darker pixels out over the whole range, and digits that h264 considered insignificant all of a sudden become significant again ...
Banding is fundamentally a problem with Bayer Filter sensors. Bring back prism spectral modulation 3CCD before you are considered cinema quality in my book.
This doesn't mean this isn't impressive, but cameras are something I'd like to put under a microscope (er, vectorscope?), before putting any of my precious creations at stake.