I will preface this post with a caveat: this could be hearsay.
I was given a hack for my GH2 that I was told would generate 8bit 4:2:2 files. It's a very indepth hack created by a a friend of a friend. Obviously the files are still .mts wrapped, so I've been re-wrapping/transcoding them with Adobe Media Encoder.
I've chosen settings that I believe will not modify the original source and output them to ProRes. 1080p, 23.976, ProRes 4:2:2. The process takes about 2x longer than the files length so a 5 second clip takes about 10 seconds to transcode on my 2009 17" Mac Book Pro.
On average, the file size gets a bit smaller (my 356MB file became 199MB), so I decided to compare them.
From my unscientific observations, it appears there is a VERY minor noise shift in the new ProRes. Not objectionable, just different from the original. And a VERY slight gamma shift favoring the mid-tones and smooshing the blacks. These could be the result of not knowing what settings in Media Edcoder I am using, but all in all it appears to retain everything very well. I will be using this workflow.
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