I've got the new FS 700 for less than 24 hrs. Slow motion is the main draw for me to this camera. So I found the local skate park, and the guys were keen on showing off their moves. One skateboarder is even in college for TV production.
There is definitely less resolution, and aliasing at 480fps. But last week our only option was the Phantom. Features like super slow motion up to 960 fps in a camera that's sub $10k is something that will make the FS 700 very attractive.
It is slower to work in super slow mo. You record into a buffer, then when you stop recording, it writes it to the card. Makes it difficult in a run n gun situation. We lost opportunities to shoot skaters because the camera was still writing to the card. Just have to pick the right moments.
I set a picture profile with the cinema 1 gamma settings and change a couple of other things, cut it in FCP 7, and did a basic grade with the 3 way CC in FCP.