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Maybe Barry or someone can correct me if I'm wrong, but my understanding is that the camera always records at 35Mbps.
The question then is; if you shoot at 24fps instead of 30 fps and both record at 35Mbps, isn't the 24fps less compressed?
When you're *not* in S&Q mode, it's always 35mbps (well, of course assuming that you're shooting the HQ mode). Whether you're shooting 1080/24, 1080/60i, 720/60p or 720/24p, doesn't matter, it's all 35mbps.
But when you put it in S&Q, and juice the frame rate up, then it can take up quite a bit more of space. Implying that each frame is being compressed less. So if you compare 720/60p against 720/24p in S&Q @ 60fps, yes the S&Q footage should take up a lot more space on the card, and be more lightly compressed, than the straight 720/60p footage was.