They may have the same ratio of chroma samples to luminance (25%) per frame, but they are far from identical in performance terms, which is why NTSC DV (4:1:1) performs very differently to PAL DV (4:2:0).Erm, either 4:1:1 or 4:2:0 .. I can't recall exactly, but mathematically they are identical anway.
4:1:1 makes some sense in the interlace world, and it was initially implemented when digital recorders were just that - and interconnected by analogue links - it stood up better to multiple A-D/D-A conversions. Come the all digital world and 4:2:0 was found better in the main - especially when DVDs came along, whose spec was 4:2:0. It's the same principle with 4:2:2 - with interlace there is a lot to be said for having as many chroma samples vertically as horizontally.
None of that is true with progressive systems, and with 25% as many chroma samples as luminance it makes obvious sense to distribute them 50% horizontally and 50% vertically (ie 4:2:0). Colour space of 4:1:1 in progressive scan would mean a 100% distribution vertically and only 25% horizontally - totally pointless in a progressive world.
{EDIT} Yes, the EX has 1/2" chips, but what I find as significant is that the lens has proper manual control. In a camera of this class, I find that more important than the interchangeable aspect, especially as it seems to be the widest fixed lens, bettering both the HVX (just) and the Z1.
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