Yes it is that great:)
We do a fair bit of commercial production using Varicam so….
Our FRC has HDDSI, SD SDI, SD Composite and SD Component outputs. Typically we transfer from the 1700 deck to FRC and then either to Digi Beta or HDCamSR depending on what the client requires. If the post path is to be HD we digitise the SR’s SD output into avid then conform in HD on eQ or Flame. If the job doesn’t need offlining we go straight to eQ from the 1700. It would be nice if Avid could take the 1700’s SDI out and decipher the frame rates to save the FRC pass but I am about to try FCP for this purpose.
Don’t knock eQ too much…the new vers of Software a way more stable than before and the tool set is ever increasing. Its also very fast!!
As far as look is concerned I like the colourimetry of the varicam and the sharpness of the HDCam (F900H) but we have used both together and it is very possible to grade them to look very similar. The data rates to tape are pretty similar so Sony has traded colour bandwidth for resolution, whereas Panasonic have gone for more colour info, less pixels:)
I am sure that the post processes will improve for varicam and I don’t see a variable rate camera from Sony on the near horizon so I guess we just have to get it to work!!
My 5 cents worth anyway!!