I played with the raw footage as well. It was easy to pull satisfying colours out of them, I also applied a few LOG to REC 709 LUTs, one of them is for the BMCC and the other is actually the official one from Sony to match Arri colours, both looked excellent.
One thing this camera really needs is the promised bump to 400Mbps, there's a lot of macro-blocking and not just only in the shadows, the waterfall handheld shot is full of it, I remember seeing banding too on another. Once that is done, this could shape up to be an excellent little cam, a Pocket 2 in many ways. Perhaps a 10bit 60fps FHD mode and I am happy with it.
The URSA Mini 4K though at a similar price is a different animal in my opinion. The M43 mount is much more adaptable - just like the camera itself, small size makes it ideal for almost any gimbal. Also it has WiFi and Bluetooth? Hell yeah! I can see loads of apps rolling out soon, wireless focusing will be quite easy to achieve here.
On a side note, just purely looking at the specs sheet and the up-coming features, this thing could even compare to the Canon C300 Mark II pretty f*king well, for 4 times less. Slap that XLR module on the top (pray you don't brake it off..) and you are almost there. Yes, no SDI or 12bit FHD but that 5 axis IBIS sounds sexy, even the updated AF could be adequate for video.
I'm trying to replicate it, what did you do to it exactly?
Anyway, this is how close I got:
But I think you desaturated your highlights from there, I can't seem to do that in Photoshop. (Well, I could do it, but only with local adjustments, then I could pull the blue saturation up a bit to match the exact colour of the water.)