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The GH5 is a fantastic camera and would be a real step up for you. It's time for a GH6 announcement, but that will definitely cost more than two thousand dollars.
I debated trying the iphone 11 pro for my next film but audio would probably be a hassle. Thanks Mark
The short answer is that the GH5 is great and if you like the GH3, you'll love the GH5. It's not a low-light beast and it doesn't have great video AF (although I've read that it's been much improved - I don't have any native MFT lenses to really test it with). It's a great camera and the images look great
I read after the firmware update the AF is pretty good
It can be done but there are issues with creative control on an iPhone that makes me steer clear of it. Also you would need to get more lenses and by the time you've tricked out an iPhone you're spending more than the GH5, which is still absolutely a fantastic camera. Don't be dissuaded by peoples reports of noise. Yes, it is there but in my experience nowhere near what others consider the upper ISO limit. If you are thinking about narrative, I'd pass on the Leica 12-60. I have one and it is a great lens but I think you'd be better served getting a few cine primes, which would also ameliorate some of the noise renderings.
...it would be an easy switch over to the GH5.
Get the GH5 I bought one back in the fall of 2017 and sold it to get a bmpc4k. Wish I still had the GH5 as well. The camera is just fun to use the IBIS is great. I used a speedbooster and never personally messed with AF. But I never had to kit it out and rarely pulled out a gimbal or slider. Battery life was great. I often miss just pulling a small camera out to get nice shots. The Vlog-L was great in 10-bit and terrible in 8-bit. I would often avoid using 4k60p for that reason if I was trying to match footage. But like I said I would still like to have one today. The DR would sometimes annoy me in uncontrolled situations. But nothing that really was an issue. Your mileage may vary but it would be a huge step up from a gh3.
As someone who has owned all of the line since the GH2, the 5 is an upgrade from the 3 in every possible way.
I completely agree. I shot a short indie film with my GH3, then I got a GH5. The GH5 if a big improvement from the GH3 for filmmaking, with lots more image control and quality selections. There are many more encoders to fine tune the quality you want to use, and the GH5 has decent slow motion capability at HD image resolution. The image stabilization with the GH5 is MUCH better than the GH3, with the ability to do in-body stabilization in concert with lens stabilization. (I don't think the original 12-35mm Panasonic lens supports dual stabilization, however.) The GH5 has three buttons on top for quick access to exposure, ISO and white balance, and that is super-convenient. And the GH5 has a full-size HDMI port, making it more compatible with outboard monitors and recorders. Oh... and the GH5 has two SD card slots.
My GH3 is broken now, but I would probably still use it if it worked. The GH5 is a big step up in every way, including getting pretty 4K video at 24 and 30 fps. In addition to your GH3 lenses fitting the GH5, the GH3's battery and charger are also compatible.
I still use my GH5 for most of my work even though I have an S1. The S1 is awesome for low light but no where near as handy for almost anything else. Definitely not selling my S1, but will still be filming with the GH5 for years to come.
On a side note if you can pick up a 15mm and 42.5mm F/1.7's you will do yourself an enormous favor. The lower light capability and shallower depth of field of these two lenses wide open allow for much more latitude than the f/2.8 primes.
I personally think the 42.5mm f/1.7 with dual stabilization is probably the best bang for your buck in the m43 world. It's just a very nice portrait lens and an incredibly low cost for the GH5
Here's a sample from the first day I had my GH5 with the 42.5mm f/1.7 in 180 fps slow motion. vimeo.com/212995727
Cheers, Pete