Per Barry's calculations, there is less than one f-stop difference between 1/4-inch and 1/3-inch to achieve the same DOF. He calculated 3/4 of f-stop, let's say it is an even stop, for simplicity.
So, if one wants as shallow DOF as possible, the HMC40 is a loser? Not necessarily. The HMC40 stays at F2.8 for 2 and 1/2 of additional stops of light. Then the iris closes up, but how close it can be without an external ND filter in a bright day at say 1/60 shutter speed? Compared to the HMC150, can the HMC150 stay at F4 with full ND engaged in a bright day? Comparing to the XH-A1, I've read that it has quite insufficient ND filter, so in a bright day even with the ND fully engaged, its iris can be as small as F9.5, this is 2-1/2 stops smaller than F4, which is equal to the HMC40's F2.8. I mean, one can open the Canon wider, but with an external filter.
The consumer Canons engage ND filter at F4, not at F2.8, and this filter absorbs up to 4 stops. On a good side, you almost always get F4 on a consumer Canon camcorder in bright light, which is equal to the HMC40's F2.8 DOF-wise. On another hand, if you want wider iris, you have to defeat these 4 stops with an external filter plus you have to defeat additional light if the Canon shows f-number higher than F4. For all practical purposes, one cannot go wider than F4 in good light. This means, that the HMC40 matches, say, the HV40.
So, in real-life conditions, when one does not have time to fiddle with filters, which camera will have shallower DOF? The HMC40 seems to be pretty well designed for conditions with good light, and is able to pull as much of shallow DOF as possible from its tiny chips. Well, not as much, the consumer Canons can soak up up 4 stops of light, so Panasonic still has a way to go. Presently, whenever you see f-number pegging above F6.4, you can screw on a 0.6ND filter and get back to F2.8 shallow DOF zone.
So, if one wants as shallow DOF as possible, the HMC40 is a loser? Not necessarily. The HMC40 stays at F2.8 for 2 and 1/2 of additional stops of light. Then the iris closes up, but how close it can be without an external ND filter in a bright day at say 1/60 shutter speed? Compared to the HMC150, can the HMC150 stay at F4 with full ND engaged in a bright day? Comparing to the XH-A1, I've read that it has quite insufficient ND filter, so in a bright day even with the ND fully engaged, its iris can be as small as F9.5, this is 2-1/2 stops smaller than F4, which is equal to the HMC40's F2.8. I mean, one can open the Canon wider, but with an external filter.
The consumer Canons engage ND filter at F4, not at F2.8, and this filter absorbs up to 4 stops. On a good side, you almost always get F4 on a consumer Canon camcorder in bright light, which is equal to the HMC40's F2.8 DOF-wise. On another hand, if you want wider iris, you have to defeat these 4 stops with an external filter plus you have to defeat additional light if the Canon shows f-number higher than F4. For all practical purposes, one cannot go wider than F4 in good light. This means, that the HMC40 matches, say, the HV40.
So, in real-life conditions, when one does not have time to fiddle with filters, which camera will have shallower DOF? The HMC40 seems to be pretty well designed for conditions with good light, and is able to pull as much of shallow DOF as possible from its tiny chips. Well, not as much, the consumer Canons can soak up up 4 stops of light, so Panasonic still has a way to go. Presently, whenever you see f-number pegging above F6.4, you can screw on a 0.6ND filter and get back to F2.8 shallow DOF zone.
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