Django

Yes that would be interesting…
I’m doing a job this next weekend mostly using 6k 30p log with a 1975 Carl Zeiss 40-80mm f3.5 lens as a test to:
A. See if it works for me in principle which I think it should as I like very much the test results so far…but nothing but a real world job will really answer that one.
B. To see the potential for how it then might work going forward to any S1H replacement, but if that camera does not come or meet my spec requirements, then…
C. A flip to a Nikon Z9 + Z8 pairing as currently they are the only available cameras that meet my ‘next gen’ spec, plus along with Sony, the only one’s that have the lenses that suit my needs most.
All things considered, Nikon are currently ahead of the rest for me, but we’ll see.
 

Is there a chance you could share the original 5K raw files?

The Z8 as an APS-C video camera.
You can shoot RAW in DX mode, which crops the sensor and gives you 5405x3040 clips, better than 5K and much better than 4K. You can shoot RAW at the highest quality (HIGH), with the bitrates 1/4th those for 8K - so you can shoot 48 minutes at HIGH RAW on a 1TB card, as opposed to 12 minutes for 8K!
You can of course us DX (APS-C) lenses in those mode. For this video I used the FF Nikon Z 24-70 f4 lens. An advantage of the crop is that mostly one is using the center of the lens, so corner drop-off is irrelevant - most lenses from Nikon are really good in the center.
So, how does it look:
Think meerkats - habitat and inhabitants in their activities.
5K (5120x2880) frame grabs:
 

+4K60p in h26x 10-bit 422 will overheat on any large sensor mirrorless without active cooling. 
So if you need unlimited recording in those settings just spend the extra $400 and get the FX30 with built-in fan etc.
That said the thermals don't seem that bad, GU got +2h in 4K30p and 1h30 in 4K60p. 
I do like that Fuji thought of a cooling fan add-on. Sony goes for the segmentation model.
 
 

+4K60p in h26x 10-bit 422 will overheat on any large sensor mirrorless without active cooling. 
So if you need unlimited recording in those settings just spend the extra $400 and get the FX30 with built-in fan etc.
That said the thermals don't seem that bad, GU got +2h in 4K30p and 1h30 in 4K60p. 
I do like that Fuji thought of a cooling fan add-on. Sony goes for the segmentation model.
 
 

Why get so worked up about it then?

You clearly deflected the question as well; what other camera is there that offers 4K120 at that price? I can't think of any. Which means you're expecting Sony to solve a problem that nobody else has even attempted to (4K120p 10-bit in a very compact body at a very affordable price). The next cheapest (mirrorless) option I know of is the GH6, and to pull that off they had to have a smaller sensor, much larger body, and charge twice as much.

Looking at the videos so far it looks like overheating issues are limited to 4K120. So, if you ignore that mode entirely, you've still got a camera that is on par with the competition at that price, but with better AF. You just also have the option to occasionally get some shots at 4K120p.
And all this comes in a consumer photo camera. You can't be upset that a company won't blow their entire R'n'D budget trying to satisfy a few people who expect to be able to use it beyond what it is designed and advertised as (yet who won't buy it anyway).

For hobby/amateur/travel use I’d forget both those pro options and just go with the new ZV-E1: you get the same great A7S3/FX3/FX6 full frame sensor and image quality plus easy framing and AF thanks to AI chip.. for half the price of an FX3. With the money saved you can invest in quality lenses. If you like Carl Zeiss, I recommend the Batis range. 

Pretty good value for $1400. Basically FX30 specs in an Alpha body with added A7RV/ZV-E1 AI chip/specs plus mechanical shutter & EVF. Thermals seem pretty decent too. For pro video I'd still probably spend the $400 extra for the pro FX body, I/O, dual card slots and fan but this is a solid APS-C hybrid. Sony's on a roll with all these camera releases!

For hobby/amateur/travel use I’d forget both those pro options and just go with the new ZV-E1: you get the same great A7S3/FX3/FX6 full frame sensor and image quality plus easy framing and AF thanks to AI chip.. for half the price of an FX3. With the money saved you can invest in quality lenses. If you like Carl Zeiss, I recommend the Batis range. 

@markr041 What are your overall thoughts on the camera vs the Sony's you've been using heavily for the last few months?

For my use, it seems the Sony ZV E1 is the better option. I tried out the Z8 shooting my mode type of video, in a public place, and it was clear the Z8's size, and the Z lenses, make the camera and thus me way more conspicuous than when I use the ZV E1 with the same specced lens (24-70 f4). Now, for an event videographer, this is completely irrelevant- people expect to be included in video, and the camera person can carry an IMAX camera and it would not make a difference. But, I do not want people stopping what they are doing to pose.
The ZV E1 can also go from 4K 60P to 4K 120P with zero change in quality or framing, so going to slow motion and retaining 60p (which I now insist) is easy. And, with dynamic active stabilization it is possible to move with the camera without a gimbal, and that is not possible with the Z8. Finally, the Sony's built-in wind muff makes obtaining audio outdoors possible without worrying about wind, the enemy of audio.
BUT. There is 8K RAW. Compression is the big enemy of video. And removing one compression step is a big deal. Moreover, as computer algorithms and compression techniques improve over time, the transformation from the RAW video clips in post can only get better. With HEVC or even ALL-I clips (and those partially-debayered fake RAW's), you are stuck with today's technology, and it is far from perfect. The 30+ megapixel frame grabs from 8K video, shot in 60 fps so there is minimal blur yet smooth video, are magnificent. I can handle the Z8 fine; its AF and tracking do not seem much different from the Sony. And I have stuck on the camera my own wind muffs, so I think I can deal with wind too using the built-in mics (which seem very good). Again, I cannot rig a camera for the video I like to shoot with an external mic with wind muff, and most of those mics that mount on a camera are no better than the internal mics - cheaper, small omnidirectional mics can be very high quality while directional mics usually have limited frequency range at the bottom, among other issues.
My Z8 8K 60p RAW video "test":
This can be viewed in 8K with Chrome (not Edge or safari).
And two 8K frame grabs:

No multi custom settings is wild on a hybrid although not uncommon on most cine cams which the R5C video OS is based upon. 
Great that battery life was finally addressed and seems to be adequate.. for XFAVC at least!
At this point I wonder if a Z8 is not a better solution for 45MP / 8K60p RAW hybrid?
You loose some of the nice video assist tools and LUT support but gain a stacked sensor, ProRes options, custom settings and long battery life. 

Just saying there exists proper Panasonic cine cameras with V-Log etc.
An L-mount BMD cam would have different log and color science so not really an upgrade path to Panny users imo.
I do wish/hope Panny comes out with an (L-mount) EVA-2 or something..

Just saying there exists proper Panasonic cine cameras with V-Log etc.
An L-mount BMD cam would have different log and color science so not really an upgrade path to Panny users imo.
I do wish/hope Panny comes out with an (L-mount) EVA-2 or something..

Just saying there exists proper Panasonic cine cameras with V-Log etc.
An L-mount BMD cam would have different log and color science so not really an upgrade path to Panny users imo.
I do wish/hope Panny comes out with an (L-mount) EVA-2 or something..

Just saying there exists proper Panasonic cine cameras with V-Log etc.
An L-mount BMD cam would have different log and color science so not really an upgrade path to Panny users imo.
I do wish/hope Panny comes out with an (L-mount) EVA-2 or something..

This makes total sense.. L-mount is an alliance so adding a new partner only makes them stronger. 
BMD make cine cams with no AF, IBIS, h26x or photo specs. They are not a competitor to Leica, Panny or Sigma.
BMD finally goes FF which will open up their market. L-mount finally gives them a large sensor mount with adaptability.
EF lenses are easily adapted and well supported by L-mount so the transition would be easy for existing EF BMD users.
This seems like a win-win for everyone. I do hope they manage to keep the built-in ND system. 

I can confirm that with a fully charged single oem LP-E6NH battery I got a little over 80 minutes at 4K 422 10bit 24p XF-AVC (Clog3). Before the update I was getting a little over 60 mins fully charged. 
Also getting double that with the grip.
Words can't express how f*ckin' happy I am right now thanks to this one practical update - and I haven't even started to play around with the other stuff!
 

Goes without saying but R5 is also 3 times the price of R7. 😉 

According to comments on the above video, someone asked a gaffer who said the whole thing was shot on FX3 and Oren Soffer said this on Twitter:
"We can’t share any technical info JUST yet but promise we will spill all the beans when the film comes out! All I will say for now is just a reminder that any rando can edit IMDb and despite our efforts to contain it the info up on there isn’t accurate, so, grain of salt! ;)"
Not sure why all this mystery around what was used but I sense this should make headlines if/when it is officially revealed that the whole thing was shot on the FX3.

No in Fuji's case the X-Trans sensor has a huge impact on IQ. It uses a unique non standard Color Filter Array that affects noise, moiré and detail resolution. It also avoids the need for an optical lowpass filter. 
The new processor in XS20 is what allows 6.2k open gate in 10-bit 4:2:2. The XT4 could only do up to 4K in 4:2:0. Also allows FLog2 and ProRes RAW out.

Academy award winning cinematographer Greig Fraiser (Dune, Rogue One, Lion) shot his upcoming sci-fi thriller entirely on an FX3 apparently. The ZV-E1 has the same sensor, image processor, 10-bit codec, S-LOG3 & even LUT support. I'm sure we'll end up seeing incredible cinematic footage produced with it. It is certainly capable of it for sure.
That being said, not to sound like a broken record but the fact the camera overheats does limit its use. So maybe not the most reliable option for pro work vs A7S3/FX3 with passive/active cooling systems. 
I've done work myself with overheating cameras in the past (R5,R6) so its doable but its stressful and better suited as B or C cams to be on the safe side. The ZV-E1 seems even more unreliable than those because of its ultra compact size. We know for instance that indoors it is very sensitive to ambient temperature. What the latest findings show is that air flow is key. Hence why it is better suited as a Vlog cam where you are outdoors in motion, or as a travel cam where you are generally shooting short clips outdoors. And in both cases, even if the camera overheats, no biggie, take a coffee break let it cool off.
But when there is a will there is a way, rig a mini fan on it and you may have yourself indeed a budget mini FX3! 
Not that bizarre. No cooling = overheat. FX3/FX30/R5C/S1H have active cooling so don't overheat.
Sony has not played into the resolution wars with their A7S3/FX3/FX6/ZVE1 cameras. All 12MB 1:1 4K cameras. 
Overheating isn't resolution related its high frame rate and high bitrate compressed 10-bit codec related. Its when these appeared that overheating started plaguing mirrorless bodies. Its also why Sigma chose not to implement internal 10-bit compressed on their ultra compact FP. Its either RAW or 8-bit.
 
 

Well let's face it, everybody likes to save money no matter your income. So when the Sony shills on YouTube are out there spinning the ZV-E1 is an A7S3/FX3 for almost half the price, eyebrows get raised. What's the catch? Well its quite simple, Sony stripped the camera to its bare bones and it overheats during long takes as result. And the shit show commences.
Overheating is a controversial subject. Most people I think feel a camera past a certain price point shouldn't have such limitations. Sony did put a lot of effort into making sure this camera is identified as a VLog camera. It's not in the A7 series its ZV. And I guess that for its intended use, the camera performs to satisfaction. So why the fuss?
Because price aside, there are a few cool things about the ZV-E1. It has features neither the A7S3 or the FX3 have thanks to the AI processor. The AF is really impressive, it has breathing comp etc. Also the touchscreen supports gestures etc. The camera just feels snappy and the AF doesn't skip a beat no matter what you throw at it.
So in a few ways, the ZV-E1 kinda feels like an updated A7S3/FX3. And that's rather alluring, especially in the US at its price point. But that's when reality hits and you must realise its a vlog/travel C-cam intended for short takes. If that's your method of shooting, well you're in luck. If not, its probably going to be a hard pass. Its as simple as that.