I'm finding that Cinema is actually a more useful setting than Smooth. Thought I'd share my results with you guys and get your take on things.
First, I did a pure dynamic range test, and Smooth seemed to come out a stop or two ahead (as did Nostalgic). But then, after a couple test shots, it seemed like light-colored objects looked more natural in Cinema, though the gamma crushed the blacks too much for my taste. So I shot a direct comparison.
The first attachment is on Cinema, the second on Smooth. No surprises there. But I adjusted the gamma of the Cinema clip (this is all in Color, btw) to match the overall brightness of the Smooth clip, which is the third attachment. Looks to me like there's no extra noise in the lows -- everything looks the exact same there -- and a lot more detail and range in the highs. The adjusted Cinema image looks flatter to my eye, and more natural. The Smooth image looks as if I took the adjusted Cinema image and applied some contrast. As we all know, you can always add contrast, but you can't really take it away, so I'm thinking, Cinema is actually the best choice for maximum image quality.
Of course, this depends on your application. If I was shooting stuff that wasn't going to go to a colorist, but straight to the web (or broadcast), I'd use Smooth for sure.
Thoughts?