Yes, you seem to have a great grasp of what is going on.
[Dave Smith] “- when I see a LUT that “converts” log-to-rec709… it’s not really converting anything, it’s just nondesctuctively applying a ‘look’ to the footage.
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That’s correct, although the values, are in fact, being converted. But you are right in that it is nondestructive.
[Dave Smith] “Ok so with that, and somewhat back to my original question… how do you know when a clip is recorded with the log profile? Or any profile for that matter?”
Most of the time, the footage looks very flat, lots of grey. Sometimes, depending on the camera, FCPX will automatically add a camera LUT to the footage. Not all camera footage has this metadata, and FCPX doesn’t have factory LUTs for every camera, so mostly, you have to check and see if FCPX has applied a camera LUT. Looking at the footage in the Finder will show the raw values, not the footage with the LUT applied. You can also check the inspector under “Settings” to see if there’s a Camera LUT applied.