Non-defeatable AGC negates any benefits of uncompressed audio
I would some what agree with this statement, but in this case we are getting 66 dB of dynamic range with the GH3 camera minus the 3 dB AGC ( if it activates ), so the recorded dynamic range is 63-66 dB that is stored in an uncompressed format. This is almost identical to the audio recorded by a Panasonic HMC-150/HPX-170 cameras, which show a dynamic range of 63 dB. ( not great, but definitely workable )
Okay, so you're lowering the input gain to minimize the effects of the AGC. That gain still has to be made up somewhere. It can be made up by pumping a hotter signal into the camera, which is common, and that risks overmodulating the input as I have previously stated.
Yes, feeding a distorted/overmodulated signal is always a recipe for disaster, but feeding a clean/controlled signal that works well with you camera settings, can give you quite a good result with no overmodulation or signal clipping, and a workable amount of headroom.
Here's an audio sample recorded directly into my Panasonic GH2 camera that I recorded "blindly" as I had no means of monitoring the audio input at the time, but I used camera and Sennheiser G3 settings that I knew would produce good results in this sort of situation. ( I had shot with this combo more than a dozen times, when I shot this interview ) For this type of work, the in-camera audio was definitely good enough for the final video.
Ronnie Burkett Interview ( first 2 minutes is GH2 audio, the remaining audio is an Olympus LS-11 recorder sitting 12 feet below the puppeteer because I could not mic him directly )
The gain can also be made up after the fact, whether there is a secondary level control in-camera or it is simply brought up in post, in which case noise floor is increased with the signal. The former can work, tenuously, but leaves little wiggle room. The latter increases noise.
The recorded signal was recorded at exactly the level I wanted, with no distortion, and with a potential noise-floor of -63 dB RMS. ( the ambient noise in the theater was likely much higher than -63 dB RMS ) I think I had about 10 dB of head-room with this set-up, before the GH2 limiter would start "flattening" stronger audio signals.
The Panasonic GH3 has improved the audio over the GH2, but still has the damned AGC circuitry. I am really hoping the GH4 has the ability to kill off the AGC component completely. ( probably wishful thinking, but one can always hope )