Yup! And I told them as much with a post on Lumix Lounge, right under their admission of blunder with 2.3 and the mobile app. No response from them yet though...
I'd also pay $50 for scopes and $200 for ProRes.
8-bit 4:2:2 won't make almost any difference on a 8.8 MPX 4K sensor.
Now, 4:2:2 10-bit on a 12.9 MPX oversampled 4K would be much improved.
12-bit is the high end milieu but the 4R Raw to an external recorder via SDI is a possibility, albeit a remote one. You figure Sony will give raw on FS5 for $7,000-$8,000 and GH5 would be priced at under $2,000.
4:2:2 color depth at 50Mbps meets "broadcast standards", i.e. what many commercial broadcasters require for HD content submissions. These standards were established by the BBC in the days of interlaced MPEG-2 HDV broadcasts. While they are technically archaic in the current H.264 era, they continue to be enforced as a means of weeding out "consumer-grade" DSLR footage from "professional" videocam footage. With interlaced MPEG-2 footage, 4:2:2 color partially compensates for the fractured artifacts in its vertical resolution. With progressive H.264 footage, 4:2:2 rarely makes a perceptible difference in 1080p at 50Mbps. The JVC LS-300 offers 50Mbps H.264 encoding in either 4:2:2 or 4:2:0 color depth. At some point, I may try to film a comparison shot that actually shows a difference.
Here's a link to a good introduction to HD video codec standards. At the bottom is a chart that lists which 4:2:2 formats are accepted by the BBC:
Honestly I have to say, thinking more on it, I don't know if I'd actually spend money on this kind of an upgrade, when that's $200 that could go to an SSD drive for an Atomos Ninja Assassin with 10-bit 4:2:2 ProRes HQ 4K...
I am not putting any more money into the gh4, it is now religated to controlled studio use so I will abstain from the vote. But if I was going to use it otherwise which I am not, vlog l blunder aside I might want 422 10 bit internally for run and gun when I need light weight and simple naked camera leaving the external recorder at home.