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I guess it is all in the eye of the beholder.
That is one possibility. I might just be spoiled by the superb image created by Nick Driftwood's Moon Trial 7 hack. I mean, it was an outstanding image.
Even at a higher bitrate, I can't get the GH4's quality to match.
Are you shooting 4K with the GH4?
1080, 200 Mb/s All-I.
1080, 200 Mb/s All-I.
It's close, but hard to quantify because the exposure distributions are so different. I own a GH4 with the V-Log plugin, but I still give a slight edge to the pocket cam.
The problem is the GH4's All-I codec, it just doesn't cut it for image quality.1080, 200 Mb/s All-I.
The 200mbps mode is still 8bit, 4:2:0 and H264 based. While it may use whole frames as part of the encoding that is about all it has over regular H264. Plus the HD mode on the GH cameras while amazing compared to a lot of other HD DSLR cameras is not a perfect down conversion.
Shooting 4k and down converting in post yields far superior quality. You in essence get HD that is a perfect clean down conversion, 4:4:4 and free of many of the compression artifacts as part of the down conversion. If that still isn't good enough the GH4 will down convert the 4k sensor to HD via the HDMI port to a external HD recorder. You can get an Atomos older HD recorder for $295 which gives you 10bit ProRes422 HQ which is similar to the recording format of the BMPCC (minus raw of course). Even if one doesn't have external 4k in the budget it is extremely cheap to record external HD that is vastly superior to the 200mbps GH4 mode. This external HD combined with V-log is a pretty darn amazing gradable HD image. external 4k is amazing but external HD is not bad at all especially if you normally edit and deliver in HD. You are already getting some of the 4k advantage of the sensor by going this route.
Just be aware that the HDMI down conversion uses a nearest neighbor form of scaling which can yield some extremely fine detail. I sometimes slightly blur in post if it is too much. Shooting with a -5 sharpness helps a lot. Shooting with adapted lenses helps even more. It isn't a mathematically perfect down conversion since it is nearest neighbor but it looks a heck of a lot better than internal with V-log. Nearest neighbor would normally be a horrible way to down convert an image but in one case it actually works fairly well. An exact 1/2 scale which is what the GH4 does with 4k to 2k.
Also check out the Atomos Ninja Blade. This is their older 1280x720 monitor but it now has the AtomHDR support in the latest firmware. This adds the ability to work with log formats including Panasonic V-log so they look like rec709 on the monitor. You cannot load custom luts but this new update is better than nothing. Best part is it is only $495 which is a pretty darn good cheaper option for 10bit V-log monitoring and recording from the GH4 in HD. HD ProRes422 HQ also works well on 7200 RPM drives so no need for expensive SSD drives. This makes external HD a very affordable option for those that cannot afford external 4k and the huge storage requirements.
HD 24p ProRes422 HQ is also only 176mbps so it is actually smaller in file size to the GH4 200mbps mode so your files will be a bit smaller but visually and mathematically so much better.
While many would prefer to record 4k externally if they could the cost exponentially goes up to do so. You really need to ask yourself do you really need external 4k if you are delivering HD or 2k anyway? Most Hollywood films are edited and mastered at 2k and there is nothing at all wrong with shooting 4k for a 2k workflow. In fact that is a pretty standard norm in Hollywood.
In this case you are letting the HDMI port do the down conversion instead of doing it in post.