stephen

Also did a test. Here are some observation:
1. It doesn't work with lenses that don't have electronic contact with the camera. Gyro data is there but after applying gyro type of stabilization in Resolve got a black screen. This may be a bug in the beta version but it's unlikely. Seems logical that software needs to know focal length of the lens.
2. Can it replace gimbal while walking ?  Short answer - no. OK to stabilize simple panning or static shots. With 60p + slow motion in post it can give almost gimbal like results. Good if you want to have a hand held like shots and feeling without the jitter. Still having a good shooting technique is essential. Unfortunately lens IS can't be used in conjunction with gyro stabilization. It is one or the other.
3. It doesn't compensate for up and down movement or does it in somehow subtle manner.
4. As already said and demonstrated it needs 45 degree shutter angle to work best which is not OK for me. Apart of slow motion and simple rather slow pans and static shots when shooting at 180 degree shutter angle it won't be practical.
5. Easy to apply in Resolve. As fast / slow as other types of stabilization in post.
6. Expect with time and new Resolve versions Blackmagic to give more control options to gyro type of stabilization.

Bottom line is: Good to have one more option for BMPCC line of cameras for hand held shooting but it has many limitations and won't replace tools and technique required to stabilize shots. It is not a game changer. This explain why it was not introduced with fanfare but rather quietly between lines by Blackmagic.
On a side note : With new firmware BMPCC 4K menus look now nicer. A lot of minor improvement to a 4 years + old camera. Well done Blackmagic !
Blackmagic already carved a solid place in cinema cameras business making RAW video available at a low price point. Camera picture quality is great, build quality not that much, but I guess this is the compromise to make for the low price point. If they come with a more compact and solidly build bodies and put a mirrorless mount in next generation of cameras this will be a step in the right direction even with expected price hike.

Will also test over the weekend. The beauty of this method is that we can do stabilization with gyro data in Resolve. Newer Sony cameras also have gyro data but stabilization is done in another program. It's additional and time consuming operation.
More that 3 years after a camera is out they keep updating the firmware and adding new features. To a 1000$ camera (BMPCC 4K in my case). Stabilization with gyro data is almost a game changer.  Hope it will work nicely.
How not to like Blackmagic.  😀 

Will also test over the weekend. The beauty of this method is that we can do stabilization with gyro data in Resolve. Newer Sony cameras also have gyro data but stabilization is done in another program. It's additional and time consuming operation.
More that 3 years after a camera is out they keep updating the firmware and adding new features. To a 1000$ camera (BMPCC 4K in my case). Stabilization with gyro data is almost a game changer.  Hope it will work nicely.
How not to like Blackmagic.  😀 

WOW ! Really.  My plan was to sell BMPCC 4K, since Panasonic S5 became my main one. Now have to  pause and think again. 🤔 A little crop is really not a problem if it saves me the efforts to carry and use a gimble for some of the shots.
 

@PannySVHS - Check Zeek's channel on youtube. He has good tutorials how to shoot raw video with EOS M.  Lots of tips and tricks.
You work all the time in live view mode that ML hack gives you. Histograms are used to measure exposure but I have found they are not perfect. If there is a strong source of light in the frame, measurements are not accurate and number misleading.  But it's RAW you have at least 3-4 stops of latitude for exposure, so no worries if exposure is not perfect. Just make sure you don't burn the highlights. With ML RAW hack I always tend to underexpose a bit especially if there is light source in the frame as a lamp for example. The opposite of what most people advise, ETTR and so on. 
in 1080p it is easy, you have correct live view on screen. Crop mode is very problematic as live view is a black and white image with 1fps refresh rate. According to Zeek you can now use external monitor for framing in crop mode but this never worked for me. 1080p has lots of moire and aliasing, crop mode is beautiful but difficult to shoot.
At the end frustration and quirks led me to the point to abandon  EOS M and ML RAW and sell the camera. Hopefully you'll have a better experience. 👍

@PannySVHS - Check Zeek's channel on youtube. He has good tutorials how to shoot raw video with EOS M.  Lots of tips and tricks.
You work all the time in live view mode that ML hack gives you. Histograms are used to measure exposure but I have found they are not perfect. If there is a strong source of light in the frame, measurements are not accurate and number misleading.  But it's RAW you have at least 3-4 stops of latitude for exposure, so no worries if exposure is not perfect. Just make sure you don't burn the highlights. With ML RAW hack I always tend to underexpose a bit especially if there is light source in the frame as a lamp for example. The opposite of what most people advise, ETTR and so on. 
in 1080p it is easy, you have correct live view on screen. Crop mode is very problematic as live view is a black and white image with 1fps refresh rate. According to Zeek you can now use external monitor for framing in crop mode but this never worked for me. 1080p has lots of moire and aliasing, crop mode is beautiful but difficult to shoot.
At the end frustration and quirks led me to the point to abandon  EOS M and ML RAW and sell the camera. Hopefully you'll have a better experience. 👍

I only see LUMIX surviving if they implement PDAF on par with Olympus or better. That is the bottom line. It's 2022 and every camera out there worth a damn is track focusing fairly well (except Fujifilm).
I always wondered what exactly Leica contributed to the L-mount alliance except for the mount. They jointly (perhaps) help with development of the LUMIX PL lenses but beyond that Leica SL and SL2 internals are all from Panasonic with the color engine done by Leica.
Perhaps Leica agrees to invest more of their profit from their $7000 re-skinned S1R into the alliance going forward. 

Maybe a hint of what's coming: S1CK A.F.
https://www.l-rumors.com/lumix-ambassador-makes-another-easter-egg-teases-the-launch-of-a-new-camera-with-sick-af/
If Panasonic wants to survive in photo/video mirrorless camera world, good tracking auto-focus is a must. Having in mind that inside Leica SL-2 and SL-2S is most likely the same Panasonic processor that is in S5/S1/S1R/S1H, IBIS and so on, it is more than just Panasonic survival but Leica's also. Announcement makes sense. 
Happy with my Panasonic S5 and S1 but it's good to know that L mount and system has a future.
It would be great if Blackmagic joins the alliance. Blackmagic need a mirrorless mount covering FF for their next gen cameras.

Sigma 24-70mm f2.8 DG DN has almost 0 breathing and manual focus is smooth for a focus by wire lens. With latest firmware that gives extra control over focusing similar to Panasonic lenses it is almost perfect for video. Was pleasantly surprised. But it is relatively big and heavy 🙂

Sigma 24-70mm f2.8 DG DN has almost 0 breathing and manual focus is smooth for a focus by wire lens. With latest firmware that gives extra control over focusing similar to Panasonic lenses it is almost perfect for video. Was pleasantly surprised. But it is relatively big and heavy 🙂

Would rather put a new camera in series of practical tests shooting scenes that typically shoot, rather then set expose based on some assumptions. Those assumptions may not be true. We have no idea how exactly a particular manufacture is interpreting the RAW data from a given sensor.

If we have to believe this test:
Sigma FP shooting raw video handles underexposure much better than overexposure. Some people interpret the Sigma RAW video as BM Log and then do CST (Color space transform) and claim this is the way to extract more dynamic range to the full potential of the sensor (12.7 stops). CDNG files from Sigma RAW video according to them  give lower dynamic range.
Have similar experience with Canon ML RAW video on hacked Canon 5D Mark III and Canon EOS M. There is ETTR function in the hack and multiple people advice to do ETTR in order to reduce noise when shooting at HIGH ISOs. In practice at lower ISOs (and high as well) risk of burn in highlights is quite high. Canon RAW CDNG files are handling underexpose better than overexposure. I was able to recover at one occasion 4 or 5 stops of underexposure due to forgotten VND for daylight when shooting at night. As result when shooting Canon ML RAW tend to underexpose half a stop, and almost never go for ETTR. And like the results and footage better.

My approach is similar to the one projectwoofer described.
It consist of two main steps
    1. Color correction and conversion from Panasonic V-Log to REC 709 or another color space if step 2 will be executed
    2. Color grading creating certain look.

For step 1 tried:
    - Davinci Color Space transform (CST) for Panasonic V-Log to REC 709    
    - Panasonic provided conversion LUT from V-Log to REC 709
    - 3rd parties conversion LUTs in my case from 55Media, which is similar to S1Alex conversion LUTs from V-Log to Arri LogC
I can get similar results from all 3 methods but the easiest one and the one giving me slightly better results are correction LUTs from Media55 (Panasonic V-Log to Arri LogC). Also have in my Davinci Resolve node tree, nodes for White Balance, Exposure Correction (primaries), color saturation, contrast and stabilization.
Most of the times just perform step 1 and convert from V-log to Arri LogC to REC 709, adjust individually white balance, exposure, saturation etc. on the individual clips if needed and that's good enough for me. Processing all clips this way is easy, fast and gives me good and consistent results.
For step 2 tried
    - some LUTs
    - Dehancer which works only in Davinci Resolve and gives you great film emulations. Tried some of them on few small projects and so far like the results very much. There are reviews comparing Dehancer to Film Convert and they say Dehancer is a little bit better. For sure you will be able to get great results with Film Convert too.
    - using some film emulation in Davinci Resolve and more specifically Kodak 2383 print film, which I also like. Juan Melara has LUT and Power Grade for Kodak 2383, one day I may get them.
    - using this simple trick in Resolve to steal looks from movies or clips that I like.
  
Later may try to replicate the looks with power grades.
For most of my projects 70-80%  just do color correction / conversion  and that's good enough for me. Is it better than Natural Profile in Panasonic S5/S1/S1H ? It looks so for me. Better dynamic range and better control on colors, saturation and ability to use a look / grade.
For the rest 20-30% use 2-3 looks that I like using Dehancer, Kodak 2383 and eventually power grades that am working on. Having another 2-3 special looks in future is maybe my limit. Using an individual look / grade for every projects, that's for well funded commercial projects and Hollywood 🙂 Having 3 to 6 looks and using them would be good enough for me.
Hope this helps
 

After using the Sony A7S3 in one occasion, I quickly realized how reliable and convenient modern AF systems have become. It makes me question why I have decided to stick with my FS7 and not upgrade to a A7S3 or FX3 (well, because I have no budget😆). The new AF system just saves so much time. 
Why Panasonic still doesn't offer a good AF system is beyond me. Almost always the improvements on the AF system are for stills. For stills, that system is great. Very accurate and fast. Somehow the AF for video mode is just bad, and in my experience, worse than even some older contrast detection AF systems. I suspect the problem is not entirely the DFD system. 
Panasonic cameras are always very close to a perfect camera. IMO, they just have to fix the AF system, and they can easily out sale other brands. 

I think you'll find that the new camera is the OM Systems Olympus OM-1 and the camera name you have quoted is a couple of years old, but otherwise, yes, Panasonic are probably doomed unless they sort the AF out.
I'm not part of the tin foil hat brigade but the few individuals who do have their heads screwed on, don't make up enough of any market to really influence it.
The simple reality is Panasonic have a fundamental marketing problem that comprises 2 parts:
Part A is that their 'ambassadors' seem to be jumping ship in recent times, mostly I presume as they individually wish to move to other camera systems.
Part A2 is that none of them are trendy YouTube influencers.
Part A3 is that they do not allow comments on any of their official channels, ie, kill any kind of community, so all 'community' is unofficial channels such as Facebook groups and a handful of YouTubers.
Part B is the AF tracking issue. It doesn't matter whether it's real or not real or it's adequate in some instances or total shit in all, it's a HUGE reputation/marketing issue directly affecting sales.
And before anyone says, "how do you know it's affecting sales?"
Because it's fucking obvious to anyone who has even the slightest understanding of how business works!
The bottom line is it may already be too late and it's just a question on time now, but the issue isn't contrast vs phase IMO, but simply one of whether it works or not that is the issue.
I don't care if the next gen is DFD, providing the AI bit does what they claim.
And what they claim is slightly vague... 5x faster.
5x faster than what?
I don't know if they even said 'faster' but they have stated it's 5x something along those lines and implying they have something they are confident in.
I hope so anyway, because I'm also a S1H/S5 user for video (and S1R for stills) and really don't want to have to move to another system for a whole load of reasons.
And am not as things stand, at least for this year, but at some point, new kit will happen because I'm a business user and what I have will not work forever.
Let's see what the GH6 is first and go from there...

My approach is similar to the one projectwoofer described.
It consist of two main steps
    1. Color correction and conversion from Panasonic V-Log to REC 709 or another color space if step 2 will be executed
    2. Color grading creating certain look.

For step 1 tried:
    - Davinci Color Space transform (CST) for Panasonic V-Log to REC 709    
    - Panasonic provided conversion LUT from V-Log to REC 709
    - 3rd parties conversion LUTs in my case from 55Media, which is similar to S1Alex conversion LUTs from V-Log to Arri LogC
I can get similar results from all 3 methods but the easiest one and the one giving me slightly better results are correction LUTs from Media55 (Panasonic V-Log to Arri LogC). Also have in my Davinci Resolve node tree, nodes for White Balance, Exposure Correction (primaries), color saturation, contrast and stabilization.
Most of the times just perform step 1 and convert from V-log to Arri LogC to REC 709, adjust individually white balance, exposure, saturation etc. on the individual clips if needed and that's good enough for me. Processing all clips this way is easy, fast and gives me good and consistent results.
For step 2 tried
    - some LUTs
    - Dehancer which works only in Davinci Resolve and gives you great film emulations. Tried some of them on few small projects and so far like the results very much. There are reviews comparing Dehancer to Film Convert and they say Dehancer is a little bit better. For sure you will be able to get great results with Film Convert too.
    - using some film emulation in Davinci Resolve and more specifically Kodak 2383 print film, which I also like. Juan Melara has LUT and Power Grade for Kodak 2383, one day I may get them.
    - using this simple trick in Resolve to steal looks from movies or clips that I like.
  
Later may try to replicate the looks with power grades.
For most of my projects 70-80%  just do color correction / conversion  and that's good enough for me. Is it better than Natural Profile in Panasonic S5/S1/S1H ? It looks so for me. Better dynamic range and better control on colors, saturation and ability to use a look / grade.
For the rest 20-30% use 2-3 looks that I like using Dehancer, Kodak 2383 and eventually power grades that am working on. Having another 2-3 special looks in future is maybe my limit. Using an individual look / grade for every projects, that's for well funded commercial projects and Hollywood 🙂 Having 3 to 6 looks and using them would be good enough for me.
Hope this helps
 

Yes Panasonic S5 + MC-21 works with Canon EF-S 10-18mm and switches automatically to APS-C mode. Auto focus and everything else works. Unfortunately you can't switch manually to Full Frame mode. It is well known fact that Canon EF-S 10-18mm covers full frame from 14 to 18 mm.  Corners are far from perfect on full frame, but for video we cut them anyway. Mine however is with modified mount, it can also be mounted on a full frame Canon body. Not sure if the original APS-C mount which protrudes out will be able to mount on MC-21.
It looks camera Panasonic S5 + MC-21 doesn't recognize EF-S 10-22 as APS-C lens and thinks it is Full Frame lens. Well then switch to APS-C mode manually (should be possible) and vignette will disappear.

Have both BMPCC 4K and Panasonic S1/S5. For me both are great cameras for video/cinema.  
Historically bought BMPCC 4K first 2-3 years ago and resisted buying Panasonic S5/S1 mainly because want to shoot in RAW. Image quality has the highest priority for me when choosing a camera. Panasonic cameras initially didn't have RAW video recording capability. Recently Panasonic added ProRes RAW and BRAW as external recording options. RAW video plus very good prices second hand tipped the scales for me.
Didn't test them extensively side by side. From the limited tests that did can say both BMPCC 4K and Panasonic S1/S5 for me have excellent image quality in BRAW. 10bit 4:2:2 h264 internal from Panasonic is probably a notch down but very close. 10bit internal is now OK for me to use in some projects. Initially that was not the case. My plan was to use only BRAW external from Panasonic.
When first reviews of Panasonic S1H started to appear, downloaded several clips in 10bit 4:2:2 V-Log and graded them. Was looking mostly for skin colors. Was not satisfied, they didn't look as good and as easy to grade as BMPCC 4K BRAW.
Log picture profile that both have is like negative. Until we develop the negative, color correct/grade it in post, it is not possible to talk about color. What kind of color you get in the end is more skills in color correction / grading then camera color science. Agree with Kye on this.
As said, I downloaded several clips shot with Panasonic S1/S5/S1H series of cameras internally in V-Log 10bit 4:2:2. Color corrected them in Davinci. Some shots and more specifically skin tones didn't look as good as they look on BMPCC 4K. It is all subjective we have to admit this, but that was my impression and assessment. For both cameras - BMPCC 4K and Panasonic S1/S1H/S5 used the same method (Color Space Transform) to convert from Log profile and their respective color spaces to REC 709. Since both BRAW and Davinci Resolve are Blackmagic products, getting great colors with simple CST is easy with BMPCC 4K. This method however does not gives always satisfying result and colors for Panasonic internal 10bit V-Log. So I tried Panasonic V-Log  to REC 709 conversion LUT and 3rd parties Color Space Conversion LUTs (55Media). They gave me better results and better starting point. Adding some simple corrections, contrast, saturation, balancing exposure etc. after the conversion LUT now gives me better colors and skin tones.
There are some test footage from both cameras on interenet. This one has downloadable source  BRAW (BMPCC 4K) and MP4 (Panasonic S1H) files.
https://www.youtube.com/watch?v=4Al-tIFXFuY
Among the sample footage there is one clip for checking skin tones. Lighting is quite challenging and constantly changing and shots are in different time, he shot with one camera then the other. Still it is a good exercise to try. When I tried it first almost a year ago with CST used for both cameras, didn't like the colors from Panasonic. Doing it now with conversion LUTs get better colors from Panasonic and can match closely both cameras.
More examples and tests here:
https://www.youtube.com/watch?v=rghbaHoVRsk
https://www.youtube.com/watch?v=wB2ZkRaPWjY
https://www.youtube.com/watch?v=rU4eydFl1hM
https://www.youtube.com/watch?v=fJawO5eeWr8
While I agree with Kye that getting good colors is mostly skills in editing program of your choice, don't think that getting a good starting point, correct colors or pleasing colors is that difficult. Usually use 4-5 nodes maximum for this task. It takes a lot of time and skills to build a certain look, to finesse every take, emphasize some lighting etc. This requires a lot of knowledge and practice. But basic color grading/correction should not be that difficult. With Panasonic 10bit 4:2:2 V-log internal you have to try different methods, correction LUTS, etc. It may take some additional efforts and time. Once you have the new workflow, it will be easy to apply it and it will be more or less consistent so at the end you get colors  you like. I usually stop at this point and do not go for a specific look like teal / orange etc. One day maybe but for the moment it is OK. A good example of what am saying is Zeek. His videos shot on EOS M + ML RAW for the last 2 years have consistent and great colors. Yet his color correction / grading workflow in Resolve is very simple.
The difference and reason why we are saying we like colors from camera brand A better that Camera brand B is mainly because our workflow to develop colors from Log profile and camera color space to REC 709 is giving us colors we like. Once we change workflow or color correction/grading  is adjusted for camera B that we didn’t like, problem is solved. We can again get colors we like. Am not saying those are correct colors.
About LUTs mimicking Alexa. Of course, they are not 100% close and in some lighting condition may be off. It would be important only if you try to match Alexa footage with BMPCC 4K in one video for example. When we talk Alexa colors again we confront the problem how did we get those colors. Even if we download conversion LUTs from ARRI website (which I did), there are different LUTs for different Arri Camera models and color space transforms. Depending which one you use you get slightly different colors. So what are after all Alexa colors?
For me those LUTs simply are good starting point, a reference. That's it.
Advantages and disadvantages of BMPCC 4K over  Panasonic S1/S5/S1H is another topic. You have to try both in order to make the best decision for you. As said many times - it is personal; everybody should try himself or herself. For me Panasonic S1/S5/S1H have few advantages, so tend to use Pana S5/S1 more.
 
 

Have both BMPCC 4K and Panasonic S1/S5. For me both are great cameras for video/cinema.  
Historically bought BMPCC 4K first 2-3 years ago and resisted buying Panasonic S5/S1 mainly because want to shoot in RAW. Image quality has the highest priority for me when choosing a camera. Panasonic cameras initially didn't have RAW video recording capability. Recently Panasonic added ProRes RAW and BRAW as external recording options. RAW video plus very good prices second hand tipped the scales for me.
Didn't test them extensively side by side. From the limited tests that did can say both BMPCC 4K and Panasonic S1/S5 for me have excellent image quality in BRAW. 10bit 4:2:2 h264 internal from Panasonic is probably a notch down but very close. 10bit internal is now OK for me to use in some projects. Initially that was not the case. My plan was to use only BRAW external from Panasonic.
When first reviews of Panasonic S1H started to appear, downloaded several clips in 10bit 4:2:2 V-Log and graded them. Was looking mostly for skin colors. Was not satisfied, they didn't look as good and as easy to grade as BMPCC 4K BRAW.
Log picture profile that both have is like negative. Until we develop the negative, color correct/grade it in post, it is not possible to talk about color. What kind of color you get in the end is more skills in color correction / grading then camera color science. Agree with Kye on this.
As said, I downloaded several clips shot with Panasonic S1/S5/S1H series of cameras internally in V-Log 10bit 4:2:2. Color corrected them in Davinci. Some shots and more specifically skin tones didn't look as good as they look on BMPCC 4K. It is all subjective we have to admit this, but that was my impression and assessment. For both cameras - BMPCC 4K and Panasonic S1/S1H/S5 used the same method (Color Space Transform) to convert from Log profile and their respective color spaces to REC 709. Since both BRAW and Davinci Resolve are Blackmagic products, getting great colors with simple CST is easy with BMPCC 4K. This method however does not gives always satisfying result and colors for Panasonic internal 10bit V-Log. So I tried Panasonic V-Log  to REC 709 conversion LUT and 3rd parties Color Space Conversion LUTs (55Media). They gave me better results and better starting point. Adding some simple corrections, contrast, saturation, balancing exposure etc. after the conversion LUT now gives me better colors and skin tones.
There are some test footage from both cameras on interenet. This one has downloadable source  BRAW (BMPCC 4K) and MP4 (Panasonic S1H) files.
https://www.youtube.com/watch?v=4Al-tIFXFuY
Among the sample footage there is one clip for checking skin tones. Lighting is quite challenging and constantly changing and shots are in different time, he shot with one camera then the other. Still it is a good exercise to try. When I tried it first almost a year ago with CST used for both cameras, didn't like the colors from Panasonic. Doing it now with conversion LUTs get better colors from Panasonic and can match closely both cameras.
More examples and tests here:
https://www.youtube.com/watch?v=rghbaHoVRsk
https://www.youtube.com/watch?v=wB2ZkRaPWjY
https://www.youtube.com/watch?v=rU4eydFl1hM
https://www.youtube.com/watch?v=fJawO5eeWr8
While I agree with Kye that getting good colors is mostly skills in editing program of your choice, don't think that getting a good starting point, correct colors or pleasing colors is that difficult. Usually use 4-5 nodes maximum for this task. It takes a lot of time and skills to build a certain look, to finesse every take, emphasize some lighting etc. This requires a lot of knowledge and practice. But basic color grading/correction should not be that difficult. With Panasonic 10bit 4:2:2 V-log internal you have to try different methods, correction LUTS, etc. It may take some additional efforts and time. Once you have the new workflow, it will be easy to apply it and it will be more or less consistent so at the end you get colors  you like. I usually stop at this point and do not go for a specific look like teal / orange etc. One day maybe but for the moment it is OK. A good example of what am saying is Zeek. His videos shot on EOS M + ML RAW for the last 2 years have consistent and great colors. Yet his color correction / grading workflow in Resolve is very simple.
The difference and reason why we are saying we like colors from camera brand A better that Camera brand B is mainly because our workflow to develop colors from Log profile and camera color space to REC 709 is giving us colors we like. Once we change workflow or color correction/grading  is adjusted for camera B that we didn’t like, problem is solved. We can again get colors we like. Am not saying those are correct colors.
About LUTs mimicking Alexa. Of course, they are not 100% close and in some lighting condition may be off. It would be important only if you try to match Alexa footage with BMPCC 4K in one video for example. When we talk Alexa colors again we confront the problem how did we get those colors. Even if we download conversion LUTs from ARRI website (which I did), there are different LUTs for different Arri Camera models and color space transforms. Depending which one you use you get slightly different colors. So what are after all Alexa colors?
For me those LUTs simply are good starting point, a reference. That's it.
Advantages and disadvantages of BMPCC 4K over  Panasonic S1/S5/S1H is another topic. You have to try both in order to make the best decision for you. As said many times - it is personal; everybody should try himself or herself. For me Panasonic S1/S5/S1H have few advantages, so tend to use Pana S5/S1 more.
 
 

Have both BMPCC 4K and Panasonic S1/S5. For me both are great cameras for video/cinema.  
Historically bought BMPCC 4K first 2-3 years ago and resisted buying Panasonic S5/S1 mainly because want to shoot in RAW. Image quality has the highest priority for me when choosing a camera. Panasonic cameras initially didn't have RAW video recording capability. Recently Panasonic added ProRes RAW and BRAW as external recording options. RAW video plus very good prices second hand tipped the scales for me.
Didn't test them extensively side by side. From the limited tests that did can say both BMPCC 4K and Panasonic S1/S5 for me have excellent image quality in BRAW. 10bit 4:2:2 h264 internal from Panasonic is probably a notch down but very close. 10bit internal is now OK for me to use in some projects. Initially that was not the case. My plan was to use only BRAW external from Panasonic.
When first reviews of Panasonic S1H started to appear, downloaded several clips in 10bit 4:2:2 V-Log and graded them. Was looking mostly for skin colors. Was not satisfied, they didn't look as good and as easy to grade as BMPCC 4K BRAW.
Log picture profile that both have is like negative. Until we develop the negative, color correct/grade it in post, it is not possible to talk about color. What kind of color you get in the end is more skills in color correction / grading then camera color science. Agree with Kye on this.
As said, I downloaded several clips shot with Panasonic S1/S5/S1H series of cameras internally in V-Log 10bit 4:2:2. Color corrected them in Davinci. Some shots and more specifically skin tones didn't look as good as they look on BMPCC 4K. It is all subjective we have to admit this, but that was my impression and assessment. For both cameras - BMPCC 4K and Panasonic S1/S1H/S5 used the same method (Color Space Transform) to convert from Log profile and their respective color spaces to REC 709. Since both BRAW and Davinci Resolve are Blackmagic products, getting great colors with simple CST is easy with BMPCC 4K. This method however does not gives always satisfying result and colors for Panasonic internal 10bit V-Log. So I tried Panasonic V-Log  to REC 709 conversion LUT and 3rd parties Color Space Conversion LUTs (55Media). They gave me better results and better starting point. Adding some simple corrections, contrast, saturation, balancing exposure etc. after the conversion LUT now gives me better colors and skin tones.
There are some test footage from both cameras on interenet. This one has downloadable source  BRAW (BMPCC 4K) and MP4 (Panasonic S1H) files.
https://www.youtube.com/watch?v=4Al-tIFXFuY
Among the sample footage there is one clip for checking skin tones. Lighting is quite challenging and constantly changing and shots are in different time, he shot with one camera then the other. Still it is a good exercise to try. When I tried it first almost a year ago with CST used for both cameras, didn't like the colors from Panasonic. Doing it now with conversion LUTs get better colors from Panasonic and can match closely both cameras.
More examples and tests here:
https://www.youtube.com/watch?v=rghbaHoVRsk
https://www.youtube.com/watch?v=wB2ZkRaPWjY
https://www.youtube.com/watch?v=rU4eydFl1hM
https://www.youtube.com/watch?v=fJawO5eeWr8
While I agree with Kye that getting good colors is mostly skills in editing program of your choice, don't think that getting a good starting point, correct colors or pleasing colors is that difficult. Usually use 4-5 nodes maximum for this task. It takes a lot of time and skills to build a certain look, to finesse every take, emphasize some lighting etc. This requires a lot of knowledge and practice. But basic color grading/correction should not be that difficult. With Panasonic 10bit 4:2:2 V-log internal you have to try different methods, correction LUTS, etc. It may take some additional efforts and time. Once you have the new workflow, it will be easy to apply it and it will be more or less consistent so at the end you get colors  you like. I usually stop at this point and do not go for a specific look like teal / orange etc. One day maybe but for the moment it is OK. A good example of what am saying is Zeek. His videos shot on EOS M + ML RAW for the last 2 years have consistent and great colors. Yet his color correction / grading workflow in Resolve is very simple.
The difference and reason why we are saying we like colors from camera brand A better that Camera brand B is mainly because our workflow to develop colors from Log profile and camera color space to REC 709 is giving us colors we like. Once we change workflow or color correction/grading  is adjusted for camera B that we didn’t like, problem is solved. We can again get colors we like. Am not saying those are correct colors.
About LUTs mimicking Alexa. Of course, they are not 100% close and in some lighting condition may be off. It would be important only if you try to match Alexa footage with BMPCC 4K in one video for example. When we talk Alexa colors again we confront the problem how did we get those colors. Even if we download conversion LUTs from ARRI website (which I did), there are different LUTs for different Arri Camera models and color space transforms. Depending which one you use you get slightly different colors. So what are after all Alexa colors?
For me those LUTs simply are good starting point, a reference. That's it.
Advantages and disadvantages of BMPCC 4K over  Panasonic S1/S5/S1H is another topic. You have to try both in order to make the best decision for you. As said many times - it is personal; everybody should try himself or herself. For me Panasonic S1/S5/S1H have few advantages, so tend to use Pana S5/S1 more.
 
 

Fixed magnetic ND filters
https://fstoppers.com/reviews/review-haida-nanopro-magnetic-nd-filters-570861

It does only if you need:
                - external monitor
                - better, faster codec for editing
                - 4K 60p unlimited
In terms of picture quality can't see any difference. Both internal 10bit 4:2:2 h264 and external 10bit 4:2:2 ProRes have the same dynamic range and colors.
S5 can shoot 5.9K internal but with time limit and in 10bit 4:2:0 h265. This codec is difficult for editing, so I never use it. 4K is good enough for me.
I had the Ninja and found the round trip from Final Cut to Resolve time consuming and cumbersome. So after Panasonic gave us BRAW external, sold the Ninja V and bought Blackmagic Video Assist 12g 5''. In BRAW color science is slightly different , Panasonic provides second color space conversion LUT additional to the one that does V-Log , V-Gamut -> Rec 709. Colors are slightly better, richer and you get the ability to set White Balance in post. For me 10bit internal recording is good enough most of the times. But have this maximalist kind of "Only the best is good enough" mentality. 😀 So I often use Video Assist and like it very much. First because I like having a bigger external monitor with cage and top handle. It makes my shots and camera movements smoother, better and easier. And second I  like the extra flexibility in post (set white balance in post mostly). If I have to be nimble and don't want to draw too much attention, Blackmagic Video Assist stays in my bag and there is only a small cable hanging from the camera. Or simply shoot internally.
If you have the Ninja V, just try if a small rig with Ninja V on top, or just the monitor on top is OK for you. And ideally rent Video Assist for a weekend if you can. I have found that trying equipment myself is critical and has no substitute. No amount of reviews or advice from colleagues can help me make a decision better, then trying it myself. We are different and have different needs.
Found both Panasonic S1 and S5 second hand at a very good prices (around 1100 Euro per camera) So now have both and like them both 😀

Hm. I wonder what N-RAW could be. Nikon name for Blackmagic BRAW codec ? As said having in mind Nikon will use the same Exceed 7 processor for all cameras following Z9, we may see a more affordable hybrid camera shooting RAW video internally.

Price according to rumors will be somewhere between 5000$ and 6000$.
Am not interested in Z9 but the camera Nikon will make after it.
If processor can do N-RAW/ProRes RAW it means all cameras using this processor can have the capability to record RAW video internally. It will be purely marketing decision from Nikon if Z6 Mark III will be able to write RAW video internally or not.

Price according to rumors will be somewhere between 5000$ and 6000$.
Am not interested in Z9 but the camera Nikon will make after it.
If processor can do N-RAW/ProRes RAW it means all cameras using this processor can have the capability to record RAW video internally. It will be purely marketing decision from Nikon if Z6 Mark III will be able to write RAW video internally or not.

BRAW is not technically RAW. That's correct ! It is partially debayred in camera to workaround the RED patent and not pay royalties. But if you are not satisfied with BRAW, ProRes RAW is technically RAW and this option is available too for Panasonic S series. Don't see visually differences between BRAW and ProRes RAW. Colors are the same. Prefer to work with BRAW because it is integrated in Davinci Resolve so well. And has more options for compression. This review shows some of the differences between BRAW and ProRes RAW.
 
BRAW coming out of Panasonic S1/S5/S1H + Blackmagic Video Assist 12G is 12 bit Panasonic V-Log. Colors should be 444, because it is RAW. Of course it's not possible to match Alexa Colors and S curve 1 to 1 with a LUT. Also noticed the magenta tint in the video comparison above. But it's close enough. And am not saying that Panasonic S1/S5/S1H is as good as Alexa. Agree with TomTheDP and already said that if you are in the industry or entering it, having Alexa experience will be beneficial. But for the rest of us Panasonic S1/S5/S1H + external recorder is more than enough.  🙂