bunk

I had the same experience yesterday, I got 4 files around 7 minutes and one around 2 minutes, more or less 30 minutes total. Happened each and every time I tried. Personally I don't mind the limit for 'normal' usage as I never record more than a couple of minutes ...but it sucks big time that it does the same with variable frame rates. In effect it renders that feature useless. If you record with two frames per second you get stuck with 3600 frames or two minutes 24seconds of footage ...which doesn't come close to 29 minutes 59 seconds of footage.

EU cams have the recording limit. Cams from other PAL regions and NTSC regions do not.

I 'm afraid you're right. Text below is from the manual:

•When the motion picture size is set to [FHD], [HD] or [VGA] in [MP4], you can continuously record a motion picture up to 29 minutes 59 seconds or until the file size reaches 4GB. You can check the recordable time on the screen.–Since the file size becomes larger with [FHD], recording with [FHD] will stop before29 minutes 59 seconds.
•You can continuously record a motion picture with its size set to [4K] in [MP4] without a pause even if the motion picture exceeds 4GB. However, the recorded content has to be played back as multiple files

Second part got me confused. Looked like a smart way of Panasonic to get around the situation. Each new files is the start of a new recording, in effect bypassing the limitation.
Alas not the case.

As far as I understand you can continue filming. All that will happen is that after 29:29 a new clip will be created. So if you have a continuous shoot for 75 minutes, 3 clips will be created instead of one long one. Haven't shot anything for longer then 5 min so no guarantees.

[Edit]

I should have add ...when you record in 4K.

I know I'm late to this thread, but it isn't anywhere close to the bmpcc. Not sure if the bmpc uses the same one, but you can barely see it on the GH4. I ve adjusted to setting all over, chosen different colors. Maybe it's user error, but on the bmpcc, it is plain as day and washes over the subject as you focus front to back, clearly. If what I've read elsewhere is true, that it really is too fine, the bmpcc blows it out of the water for peaking. Feels as if why even bother with it.

Set 'peak' to 'Low'. Might do what you're after as it picks up a lot more. If it's really bright outside choose a dark color and if you're in the dark ...wide open you will get a lot more information, as it needs light to work.