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Sure, but that was kind of my point: that any strong reactions in favor of or against the sensor size are basically fashion statements. Either a fashion statement by people who see it as bigger and better, or a fashion statement reacting against those people because they're amateurs. And the high-end camerapeople in the Arri marketing materials are obviously also making a fashion statement. Some of what they're saying is complete bulls*%t - like about field of view. There's no inherent difference in field of view between formats (except perhaps as you say for creating ultra-wides, which are rarely used anyway).
But I'm saying that once some big-name DP uses the tool and writes it up in American Cinematographer, it becomes acceptable to show your approval.
And there are definitely advantages to full-frame: light sensitivity, selective focus on wide-angles, superior optical quality at equivalent DOF. But that's about it. Like - you talk about f/0.95 on M43, but you're sort of pushing the envelope there. On a medium format camera, you'd be at an f/2.8 or whatever and likely have far better IQ.
There are also drawbacks to using focal reducers, enough so that some eschew them entirely.
Anyway, my point was absolutely not that full-frame is superior to S35. Just that there's nothing wrong with it, and it has some advantages (obviously deep focus is not one of them).
It would be nice if cameras were built with full-frame sensors and interchangeable mounts, and optimized in all crop modes and settings (currently they are not which is why it doesn't work well).
But if possible, Panasonic could have a S1H with a MFT mount and all existing MFT users could use their glass in the S16 mode. Or you can use a full-frame lens and have extreme range.
F stop on a lens however is the same on any sensor in terms of brightness. FF may be able to push ISO a bit harder but f2.8 at ISO 400 is the same across m43, APS-C and FF. The extra sensitivity comes from being able to push ISO harder which I'm not a fan of on any sensor.
I personally think this is trying too hard to go down the one size fits all hybrid approach vs optimizing for the best results for one true purpose. FF stills cameras can kind of do that now like the Canon RP and R. They can crop in on the sensor using a 10MP portion for a lower resolution APS-C like still when using EF-S lenses. Its far from wonderful for stills and far below what a APS-C camera could do on its own. For 4k video it may not matter as much since we only really need 4k resolution from the sensor. That really limits how lenses can be used however.
Assuming the Panasonic S series cameras did that it would really limit the m43 lenses to just video. A nice option but not enough of a reason for many to keep m43 lenses around. Plus in the case of Canon they are only dropping from FF to APSC. In the case of Panasonic they would be dropping from FF to m43 which is a massive jump. The S5 for example has a 6000 pixel wide sensor. Dropping to a m43 crop would result in 3000 pixels wide or far shorter than what's needed for even UHD. Canon kind of does this on the M6 mark2 which I just purchased for stills. Except Canon line skips the full sensor width for 3480 thats then upscaled to 3840. The full sensor and less of an upscale actually results in some decent looking smooth 4k video. If the S5 did that it would be very soft and really bad stills. The S5 would need a much higher resolution sensor like the 32 MP on the M6 mark2 to pull off something halfway decent and even then it would have been a 1:1 bayer crop at 3480 upscaled to 4k which would look really soft compared to all other Panasonic cameras. I doubt thats something Panasonic was willing to do. They would really need a 7680 wide sensor to pull off the kind of crop to make use of m43 lenses just to achieve a decent 1:1 UHD video. DCI would require even more at 8192. I just don't see how that would have ever been an option for Panasonic.
Only possible way Panasonic could have maybe pulled this off would be if the S series of cameras was APS-C and not FF or went with a very dense 8k sensor.
S1R could have maybe pulled it off but that limits the flexible mount choice to that one camera and they could never use a lower resolution sensor in any other model.
With that said native m43 prime lenses tend to perform better at wider apertures. A sweet spot for a FF lens might be f5.6 while on a native m43 lens it might be f2.8 or f4.0. f0.95 does kind of suck however and I never bought into it for that reason. It was cool that it could be done but it was just too much. Similar to the Rokinon lenses at f1.4. Impressive they could open up that much but realistically they were only acceptable at f2.8 and only really good at f5.6.


Panasonic calls it the 'pixel/pixel' mode on the S1, etc.
The S35 mode looks better (arguably as good as full-frame), but maybe this tighter setting would pass for some.
I would definitely use it for a tighter shot when needed.
[Random video]
btw it looks like the Lumix 24-70 f/2.8 has a better MTF chart at f/2.8 than the Lumix 12-35 does
View attachment 143001
View attachment 143002
Those L series lenses are insanely good. Top of their game. The 12-35 always left a lot to be desired. I also mentioned primes were better on m43. Zooms always sucked for native m43. They used way too much in body correction to sharpen them up because they really were not great glass. Olympus made much better native m43 zooms but the lack of stabilization really killed them for a lot of users.



For photos, there's zero appeal.
But for video, sensor cropping isn't anything new and I think there could have been some more interest as sensor sizes continued to grow, but I also think MFT-sized sensor/FOV won't survive and will all eventually be replaced by phones which will have ridiculous zoom lenses with the aforementioned AI, and it's all just a waste of time thinking about it.
I think we'll just have excellent full-frame cinema cameras with S35 modes (like ARRI just updated theirs).
And we'll see what happens to standalone S35 cinema cameras.
Here's the PANASONIC LEICA DG SUMMILUX 25mm / F1.4 II ASPH:
View attachment 143003
And the Lumix S Pro 50mm f/1.4:
View attachment 143004
And the Olympus M.ZUIKO DIGITAL ED 25mm F1.2 PRO:
View attachment 143005
That Olympus looks worse at f/2.8 than the Lumix 50mm does at f/1.4. I don't buy the theory of a wider sweet spot for m43 lenses.
...but I personally found the quality of the video you posted to be horrible when using pixel/pixel mode.