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nope
GH1 can record 4:2:2 at 720p in MJPEG mode (with the hack), and the colors are impressive. It's the main reason I still have my GH1, and I get more comments on how awesome the footage looks when I use 720p 4:2:2 than when I use higher resolution AVCHD of GH1 or 2. The resolution may be better, but the average person like how the colors pop.
You can pretty much resize a 4:2:0 1080p image to be 4:2:2 720p so I don't see the point. Or 4:4:4 in SD.
Only if you had access to the uncompressed YCC data before the AVCHD encoder did its job. For that, you'd need the HDMI/SDI output of the AF100, which is already in 8-bit 4:2:2 format.You can pretty much resize a 4:2:0 1080p image to be 4:2:2 720p so I don't see the point. Or 4:4:4 in SD.
I don't have any side by sides, haven't done any definitive tests and admittedly I didn't use the MJPEG option often before the hack, but I can say that I believe that to my eye the MJPEG has better color information than AVCHD. Whether it's the hack or not, I don't know. Maybe I'll do some tests, or I'm sure others have at other points.
If you compare the two side by side, the 1080p looks better in terms of resolution but I do find that I have more latitude to work with in color correction and in general the colors just look better/more real when I use MJPEG. It's a different looking image, but to my average audience (a church congregation of 1500) I seem to always get a few comments about how good the video looked when I use the MJPEG to film something. It's happened twice with the pastor as well, when he came up to me and said "The video looked especially good today," and both times it happened to be things I had shot in MJPEG MOV for ease of editing purposes as I was working with an older portable system, and the MJPEG MOVs are much easier for Adobe CS4 to handle.
So, it's by no means definitive, and I only use it from time to time because I feel like shooting in 720p isn't as good, but people seem to like it.