The rumoured specs say it does 75Mbit/s ALL-I. The MKIII does 91Mbit/s ALL-I and it's not great, Canon in their wisdom made it a variable bit-rate. If Panasonic have gone with a constant bit-rate it should be a lot better but with GH2 hacks running at 150Mbit/s why did Panasonic again go with substandard bit-rates?
ProRes is variable bit rate. Is ProRes not great? If you shoot something with very low information, there is a good chance you can have less than 75mbps in ProRes LT but still have it look really good.
Bitrate is important, but not everything. Hasn't Barry Green shown that 21mbps AVCHD (h264) can handle motion better than 35mbps XDCam EX (Mpeg2)?
50mbps is broadcast quality 4:2:2 using a Mpeg2 codec, but I think this is mostly because it was implemented very well. Canon's has DSLRs that shoot at 50mbps h264, so they should be great, right? Except it isn't.
It'll all come down to how well it is implemented.
They're clearly trying to cash in on the indie filmmaking market so why not give the filmmakers what they want? They don't have any excuse this time around, they know exactly what we want.
I think only indie filmmakers should be using a still camera to make a movie. If you're a real filmmaker with a real budget get a real camera. There are many options today that are dirt cheap when you compare them to 35mm film that are arguable on par with the quality of film.
Asking a sub $1,000 still camera to shoot movies that look as good as $50mil Hollywood film is asking too much IMHO.