There is no doubt that C1 and Phase are formidable performers, as you would expect for the cost of the Phase system. That said, 645Z DNG files processed in LR using the embedded profile vs the Adobe default, look very good. If one really wants to pixel peep and lose sleep over subtle color differences, there are work arounds and third party profile plug ins for LR, especially created for the 645Z.
The flash sync problem has been put to bed fairly effectively as there are now hardware workarounds for that issue, as well. Likewise, tethering for studio use. The remaining issue of lenses, or lack of, is also less of an issue than 645Z detractors would have you believe. The new lenses, especially the 28-45 zoom, are stunningly good and stopped down a bit, rival far more expensive equivalents from Hasselblad and Phase/Mamiya.
There is clearly resentment in the higher end of the medium format community because Pentax has shaken things up. It's much like a $80K Corvette performing in many respects like a $200-400K Porsche or Ferrari. The Corvette becomes a subject of nitpicking. The fact that economies of scale enable the Corvette to be produced for a relatively low cost is ignored. Likewise, while Pentax is not in the same league sales numbers wise as Canon or Nikon, the numbers are such that bits and pieces, supply chain leverage, etc., enable the 645Z to be produced for a fraction of the cost of a Hasselblad or Phase system.
---------- Post added 01-24-16 at 05:16 AM ----------
Originally posted by EssJayEff I'm not a user of Capture One, but I am curious: does it not work with Pentax implementation of DNGs, or only just not work with PEFs?
Because the 645Z uses a SONY sensor from the same family as the FF sensors, I believe some C1 users have used the SONY profiles with some success. There are other third party profiles that have been developed for the 645Z that work as LR plugins that many have been very pleased with. A search on Getdpi.com will provide more details.