I'm new to video so bear with me. I've shot stills for a long time though, both professionally and for my own pleasure.
Now that I'm educating myself in the various ways of the video world I find myself pondering a question regarding tonal and color editing, i.e. grading.
I'm currently shooting micro 4/3 equipment, specifically the Olympus OM-D E-M5. I will be getting the E-M1 soon. While these cameras are generally not highly considered in terms of video specs they are fantastic still cameras and I am getting perfectly good results shooting Motion JPEG's and editing short sequences in Photoshop. This codec seems reasonably easy on my computer's CPU and seems to allow for some editing leeway. Unfortunately the camera only has a 30fps option which is not ideal for me as I live in a 25fps PAL area. Very impressive in-camera stabilization though.
Anyway, it seems to me that since video is highly compressed 8bit it tends to break apart with heavy editing. Getting it as close to perfect as possible in the camera would seem to be a good idea. Bearing that in mind the live curves tool built into both cameras should be useful tool for shooting video. Using that in conjunction with the live on-screen histogram available in both cameras and the new Color Creator feature in the new E-M1 camera for custom tailoring individual colors should allow one to get pretty close to a final look in the camera.
If I'm right this could both be time saving and serve to maintain image quality in post.
Is my reasoning on this correct or am I missing something? I am after all new to video.