It looks like Panasonic V-Log is more like Nikon N-log (compared both specs). Nikon uses it for video only, and rightly so. Don’t know why Panasonic didn’t disable V-Log style for photos (exiftool value 17 for PhotoStyle 0x0089 tag, which very probably PL doesn’t take into account), as it doesn’t look to make any sense using V-Log for stills. Except perhaps, if you want to be safer with highlight recovery with matrix metering, like with Nikon ADL, but then you have to manually adjust the exposure in post-processing (unless your software understands fully Panasonic makernotes, which still might be not enough). The shadows may get posterized if lifted up, which is not a big problem for video, but for photos it certainly is. Some Oscar winning movies have a lot of posterization and noise in night scenes but jury didn’t care about it. Maybe what video people mean by shadow recovery is adding some gray background, like starting the tone curve at x=0 with non-zero ‘y’ value? With photos, it’s a totally different story, unless you do some sort of B&W.
I had a look in PL8 at two RW2 raws taken with DC-S1H and V-Log photo style, which I found in the Internet. Metadata looked a bit strange, no correct lens info was there (things like aperture=0, or no lens attached), so PL displayed a warning icon on the thumbnails and disabled Lens Sharpness Optimization and Auto modes in Distortion and Vignetting, but that’s not important here. Raw data histograms didn’t show any missing values above black level (512) in the low range, which you would get if logarithmic-like digital curve was applied. It seems that the raw data was linear with respect to incoming light, so no “log” curve was digitally applied. The raw data looked underexposed by almost two stops (depending on the criteria). Maybe some video cameras have non-linear circuitry to provide “logarithmic” output at the analogue stage (??), but the camera in question has Sony Semiconductors IMX-366 sensor, which has ADC on-board. To sum up: RAW data was linear and underexposed by nearly 2 EV (Nikon ADL does it usually in -1/3 – -1 EV range). BTW, maybe there’s some problem in PL with BlackLevel subtraction for some Panasonic settings, but I don’t have the equipment to check.
BTW, something like a “log” curve (or inverted gamma like) is used by many cameras makers for lossy raw compression. See for example NEF Compression by Bill Claff for precise description for Nikon, probably similar to Canon, Sony, … Let me cite two observations by Bill (NEF means Nikon RAW, translate to CR3, RAF, ARW, …):
- since the human visual system doesn’t distinguish bright values as well as darker values; there is no need to keep as much precision in the highlight data
- if you will be post processing images with a great deal of highlight content then you may want to choose uncompressed NEF rather than compressed NEF to reduce any chance of posterization
You may not agree with point #1 above for some types of portraits, but then you typically underexpose them anyway. Film was more forgiving…