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Unless I'm missing something huge I fail to see how this FS5 is a better deal than a brand new FS700 for $4000.
Ergonomics
Internal 4K. A lot of people such as myself never want to use external recorders.
I also prefer the FS5 ergonomics over the FS700 and FS7.
I edited my post above to explain the benefits of its ergonomics to me. If you do a lot of shoulder work, then yeah, the Amira or FS7 is preferable ergonimcally. For me, the shoulder handle piece on the FS7 would just get in the way constantly while mounting the camera to various stabilization devices, along with needing heavier duty stabilization to take on the added weight of the F7S. The FS7 is a bit too heavy to fly handheld on a Glidecam; the FS5 is not too heavy, for example.
The FS700 is 24 mbps AVCHD 8 bit 4:2:0 internally; FS5 is 4:2:2 at 1080p internally. It's clearly better in terms of internal codec than the FS700, with the added option of 4K at 4:2:0.
I sometimes do interview style shoots in a controlled environment where I'd like 4K so as to punch into the subject while they're looking directly into the camera, yet, I don't want to have to deal with the larger sizes of 10 bit and 12 bit codecs while recording the subject speaking to the camera for hours, so a lower bit rate 4K codec is actually preferable to me in many cases.
Another case is if I'm filming a basic wide shot at a wedding ceremony for an hour or more; 4K is useful so I can re-frame the wide shot and punch in, but 10 bit and 12 bit at the cost of larger files sizes is not worth the boost in image quality for a basic safety shot from my D-camera.
Think about this: the FS5 weights around 800g, the a7S II weights 627g (584g without battery and card). I see a market for the FS5 just based on that, as a B-cam for the FS7, with the a7S II being next in line. It should cut really well. Also, the FS700 doesn't have slog3 AFAIK, so you're getting less DR unless you go RAW.
This is probably not a great camera for narrative work.
Yeah, and Act of Valor was shot on a 5D and Upstream Color (well acclaimed) on a GH2. Doesn't mean they're good cinema cameras. There will always be exceptions of good films shot on cameras that typically aren't as suited for narrative work, which doesn't really mean much. When a camera is being used on narratives as a norm (such as Arris becoming the norm on bigger budget narratives) as opposed to rare exceptions, then it's an indication of a camera's abilities on narratives.Just a reminder, Palme d'Or winner of 2013 was shot with 8 bit camera.
Just a reminder, Palme d'Or winner of 2013 was shot with 8 bit camera.