Right, oh,...
So our dear friend Kadajawi has uploaded a couple of samples to one of my dropbox folders, which, assuming I've done this right, should allow me to share the folder here,...
https://www.dropbox.com/sh/maqeyb0h6u3srku/AAB_iy63_7TzmpdMpGe7JpjXa?dl=0
Here should be a still frame from one of the video, where the video has very dark and very bright elements.
https://www.dropbox.com/s/bzisqjfet6sqwo7/K5%20Cat%2001a.jpg?dl=0
And the waveform of that frame.
https://www.dropbox.com/s/04pxk8sjgo4l5je/K5%20Cat%2001b.jpg?dl=0
When you look at the waveform, note that it's not clipped at 0 or 100 IRE, but is instead clipped at around -5 and +110
To my eyes, it's showing me that the K5 actually clips a little sooner then the K-01 does.
(I'll have to put up a sample of that.)
Now, with a 2 minute fiddle about with the YUV Curves colour correction tool, I turned the kitty to this, with the corresponding new waveform.
https://www.dropbox.com/s/kup4zleibn0mffw/K5%20Cat%2002a.jpg?dl=0 https://www.dropbox.com/s/i7vbyejz68dy1dw/K5%20Cat%2002b.jpg?dl=0
So, even in severely clipped footage, the K5 is still recording information, even though the NLE, and any viewing screen, will not be showing that information at just all, just a white/overexposed area, or all black/underexposed area.
In comparison, in it's 'Film' gamma curve move, and BMD Cine or Pocket Cine camera, will be hitting that had clip at about 20 and 75, but it is designed to have it's footage stretched out to 0 and 100 IRE, whereas our footage needs to be compressed back to 'safe video' levels.
The real difference that matters to me, and especially compared to other DSLR type cameras, is that the Pentax's are encoding information in areas that appear clipped, and not just throwing that data away.
If they only had a high enough data rate (min 45Mbit/s ) to take advantage of all that data properly,.... and a HDMI Clean Feed 1080p 422 or 444 output that could be hooked up to a Shogun or Samurai recorder,...