By technical editor Matt Allard:
I recently got the chance to test out the FS700upgrade while I was in Hong Kong. It is a hardware not firmware upgrade, so you need to send your FS700 to a Sony service centre. It costs $400 and usually takes one to two days to complete.
In my opinion, it is worth the upgrade just to get the SLog2 that is included in the price. When using it the FS700 has a base ISO of 2000 and can be pushed to 64000; it really transforms the FS700 into a completely different camera and vastly improves its low light capabilities.
But the main purpose of the upgrade is to allow the camera to recordraw using either the Sony AXS R5 recorder along with the HXR-IFR5 or the Convergent Design Odyssey 7Q. The Sony solution will record 16bit linear as well as 2K . The 2K can be recorded at up to 240fps continuously. The Convergent Design solution records a compressed version of as well as 2K RAW at up to 240fps continuously.
For me, the Convergent Design solution is a better option as it’s more compact, gives you a high quality OLED display and is less than half the cost of the Sony option.
For more information I give a detailed talk about it on the Need Creative Podcast.