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To the naked eye... Not much.
To the grade... Huge!
Smooth color gradients in particular.
No, I'd say if you don't grade your footage and simply work under WYSIWYG productions, then you won't see much difference. But whether you shoot log or Rec709, if you attempt to grade the footage you'll see it fall apart fairly quickly.Thanks for your reply.
So if I shoot mostly in Log then it's a good investment, but if not then kind of a waste?
I agree. That would be banding city and lots of artifacting with the internal codec.I don't think I would have successfully gotten this grade with internally shot footage:
http://youtu.be/pIzhGCzBtUQ
As Samuel posted you can do great stuff internally, but in my experience log breaks gradients in 420 8 bit