remember an image can peak in the red channel before it hits the 100% luminance mark - especially skin tones. Watch your 70% zebras, maybe set them at 60% and see if it helps
Turns out there's nothing at all wrong with the footage (phew!). Turns out it's the crappy MacBook Pro Monitor, which isn't capable of displaying millions of colors (even though they say it is...).
When I look at the same footage on my Dell monitor (or even a cheaper viewsonic), it looks just fine, but on my MBP monitor, the footage looks posterized...
I showed the final project to the client today, and he LOVED it.