Lumix S5II at Bhphoto, Adorama, Amazon US.

CineD tested the S5II Rolling Shutter, Dynamic Range and Latitude. The conclusion:

From a pure lab test perspective, it seems that there is no gain without pain: the new LUMIX S5 II has nice new features including solid autofocus, but unfortunately in the lab, it falls a bit behind the previous generation, the S5 – when pushed to the absolute extreme, to keep things in perspective.

Not only is the rolling shutter worse (1ms more in full frame, 1.8ms more in APS-C), also the latitude result is not as good – it finishes with 7 stops of exposure latitude, mainly because of banding artifacts in the shadows and a more blotchy noise pattern which doesn’t look as pleasing to the eye.

That said, the dynamic range results are very similar to the previous generation LUMIX S5.

Lumix S5II at Bhphoto, Adorama, Amazon US.

The full review can be read at Engadget. They conclude:

With the autofocus finally keeping up with rival cameras, Panasonic’s S5 II is an awesome full-frame vlogging and video camera option. Priced at $2,000, it’s also a very strong value proposition, particularly for video shooters.

Its primary competition is the Sony A7 IV and Canon EOS R6 II. Both of those cameras are better for photography, but the S5 II is much better for video and particularly vlogging, thanks to the built-in monitoring tools and superior stabilization. If you want a better match of photography and video tools, Fujifilm’s 40-megapixel $2,000 X-H2 is the best option – if you don’t mind stepping down to an APS-C sensor.

In fact, the S5 II’s greatest rival might be the upcoming S5 IIx. I’d argue that many people paying $2,000 wouldn’t hesitate to spend an extra $200 to get some pretty valuable features like ProRes SSD recording. Either way, it’s Panasonic’s best vlogging camera since the original GH5 and should rise to the top of many content creators’ shopping lists.