Here's an S-Log 2 Test on the FS700 recorded internally to the SDHC card. The subjects are my lovely wife and my ugly ass (yet totally lovable) dog.
Some quick observations. The highlights and shadow details are amazing. If Cingamma 3 has been tested at 12 useable stops, S-Log 2 is easily 13+ usable stops.
It grades decently as long you don't push the Saturation too much, as that just breaks the internal codec. A moderate amount is OK. Seems to hold up to levels and color treatments decently. The sweet spot for exposure on S-Log is pretty narrow, you really have to nail it. Under exposing a bit too much and it gets noisy quickly. It seems to struggle with reds, as they often come out orange looking. To be fair, on some of the late sunset shots I was in a rush and accidentally screwed on two UV filters while changing lenses. This might have an effect on the noise and it certainly added a noticeable vignette on the left side.
I have to test it some more, but overall I really love the highlights and general look of S-Log 2, even with it's faults.
For comparison, I shot a very similar test (same subjects, same locations) using Cinegamma 1, which is a bit more grazeable since it's not so desaturated / neutral to begin with. To be fair, the bedroom stuff on the Cinegamma 1 was lit by a Kino Flo while the S-Log 2 test was just available light.
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