I go over that in blog post about the shot w/ tom. I talk about exactly where the elements in the shot are with relation to the mid grey (when I rate midgrey) at 30-35.
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The chart is there to take all the guesswork out of the exposure and curve of exposure for people curious about it. The best exposure tool I have used is a waveform monitor. I exposure for what the waveform monitor shows and that's it. I can see where EVERYTHING is exposing, and make adjustments to the camera accordingly. Once I've been shooting with a camera for a few months, I honestly don't have to think about it too much. I also use zebras as well if I am not using a waveform (or histogram, as I have an FS100 now, but I sure miss the WFM of the AF100 for exposure).
I don't use an F3, but I've looked and worked with enough footage from the Alexa and Red to understand what is going on. One thing that is true, and I think has been elaborated on in a few places here is that S-Log or high dynamic range is not going to fix an incorrectly lit scene. Just like the image of the blown out sky on the 7D, the work to fix that on video would take quite a bit (of course, at least having that option could be argued a good thing). But, I think that is more for a lack of tools available right now then possibility. Have you played with HDR photography? HDR can be abused, or used amazingly. What it shows more than anything is this unbelievable control of more DR and how that DR is distributed in a smaller DR. You get to pick how that works. And, as stated, I think the HL handling can be done a lot better in post with more control over it.
In fact, I listened to many of the same criticisms on other 'milky' footage from the Epic and the Alexa because what most people start showing is all these videos of poor lighting that just contain a HUGE range of light that you'd never be able to catch before. I downloaded a few to play with and realized, wow, this lighting is so bad, nothing could be done to fix the image. HOWEVER, being able to show that much dynamic range was what was important in that particular test. As is aggravating you, they didn't show a good use of the feature. But, seeing a beach scene with no blow-outs and knowing my own work on beach scenes with the 7D, I was instantly amazed at how my lighting decisions (or shading) would be different and have more freedom. I didn't have to fit everything into a smaller window, I could have more detail in the shadows AND the highlights. However, I still needed to get my important subjects, like the people, at the right exposure!
The understanding I have of S-Log is that you want to not crush the top or bottom end, but allow more detail to spread out over a larger bit depth. The purpose is not to let values in the compressed ends at the top and bottom get quantized away. If you do let something quantize as you are crushing the image in camera, as you stretch that area back out, say to open up and get the detail out, it's gone. Or, you can get banding. Or, you can crush right down into the noise. From the graphs I have seen, it's just more of a linear recording, which isn't that pretty
With S-Log, you are giving yourself freedom at the top and bottom end by not recording the image for looks, but for information saving, so that you can have it there to use in post. It just gives you more freedom to push your image up or down, and generally means people are going to shoot more of a neutral image and NOT try to get the final result in camera (which is what most DLSR people are used to doing). It's a whole different mindset. Shooting neutral like this is a lot harder I think because you want the image to look closer to the end product, if that is what you are used to shooting. I know I'd have a hard time with it.
With the Red I believe you can change your monitor curves so you can view it any way you'd like and still have it recorded flat.
The chart is there to take all the guesswork out of the exposure and curve of exposure for people curious about it. The best exposure tool I have used is a waveform monitor. I exposure for what the waveform monitor shows and that's it. I can see where EVERYTHING is exposing, and make adjustments to the camera accordingly. Once I've been shooting with a camera for a few months, I honestly don't have to think about it too much. I also use zebras as well if I am not using a waveform (or histogram, as I have an FS100 now, but I sure miss the WFM of the AF100 for exposure).
I don't use an F3, but I've looked and worked with enough footage from the Alexa and Red to understand what is going on. One thing that is true, and I think has been elaborated on in a few places here is that S-Log or high dynamic range is not going to fix an incorrectly lit scene. Just like the image of the blown out sky on the 7D, the work to fix that on video would take quite a bit (of course, at least having that option could be argued a good thing). But, I think that is more for a lack of tools available right now then possibility. Have you played with HDR photography? HDR can be abused, or used amazingly. What it shows more than anything is this unbelievable control of more DR and how that DR is distributed in a smaller DR. You get to pick how that works. And, as stated, I think the HL handling can be done a lot better in post with more control over it.
In fact, I listened to many of the same criticisms on other 'milky' footage from the Epic and the Alexa because what most people start showing is all these videos of poor lighting that just contain a HUGE range of light that you'd never be able to catch before. I downloaded a few to play with and realized, wow, this lighting is so bad, nothing could be done to fix the image. HOWEVER, being able to show that much dynamic range was what was important in that particular test. As is aggravating you, they didn't show a good use of the feature. But, seeing a beach scene with no blow-outs and knowing my own work on beach scenes with the 7D, I was instantly amazed at how my lighting decisions (or shading) would be different and have more freedom. I didn't have to fit everything into a smaller window, I could have more detail in the shadows AND the highlights. However, I still needed to get my important subjects, like the people, at the right exposure!
The understanding I have of S-Log is that you want to not crush the top or bottom end, but allow more detail to spread out over a larger bit depth. The purpose is not to let values in the compressed ends at the top and bottom get quantized away. If you do let something quantize as you are crushing the image in camera, as you stretch that area back out, say to open up and get the detail out, it's gone. Or, you can get banding. Or, you can crush right down into the noise. From the graphs I have seen, it's just more of a linear recording, which isn't that pretty
With S-Log, you are giving yourself freedom at the top and bottom end by not recording the image for looks, but for information saving, so that you can have it there to use in post. It just gives you more freedom to push your image up or down, and generally means people are going to shoot more of a neutral image and NOT try to get the final result in camera (which is what most DLSR people are used to doing). It's a whole different mindset. Shooting neutral like this is a lot harder I think because you want the image to look closer to the end product, if that is what you are used to shooting. I know I'd have a hard time with it.
With the Red I believe you can change your monitor curves so you can view it any way you'd like and still have it recorded flat.