Cool. It can do it in camera, no recorder needed. Its the original C500 that needs a recorder for 12bit 4:4:4. Just know that the new C300 MKIII and C500 MKII both dropped the 12 bit 4:4:4 from the camera, probably because Canon is pushing their Raw.
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It's a bit like the difference between say RGB and Adobe RGB (kind of) or JPG vs RAW, as there's more information available. It really depends on whether it's necessary for your work. My preference, whether it comes to video or photography, is to record at the highest possible/practical rates to allow for the best post-processing (you never really know when you're going to need it). It requires more storage space, but that to me is a worthwhile tradeoff. Once information is lost, you never get it back. A graphic example: