I'm with you on that.. I miss working with Cineon scans, it was well documented, standardized, looked great even at 2k. You should read this:
http://jamesriverfilm.wordpress.com/2012/10/25/the-true-cost-of-filmmaking-in-the-21st-century/
I'm watching on an Epson HD projector a Jean Rollin film, with horrible effects.. bad acting, gratuitous nudity, of course it looks awesome. It was shot on location somewhere in the french countryside, early 70's. Could I watch a movie this bad if it was shot on a GH4? I probably would have stopped after around 15-30 seconds. (He's got serious focus pulling issues btw, but it makes no difference)
The other issue is digital projection. If you love film, you're going to have a hard time finding a theater that will project light through it. We're basically watching high quality TV in theaters now.
From the article:
“Here’s a surprising fact that independent producers may want to consider before they write off film as “too expensiveâ€: There were 120 films in competition at Sundance this year. Based on our research and conversations with Kodak and Fuji only 5% were shot on film… and yet that small minority took 100% of the most coveted Jury and Grand Jury prizes in the US and World Dramatic competitions, as well as winning the Excellence in Cinematography Award in the US Dramatic category. It’s true that producers of sub-$1M independent film need to watch the bottom line… but isn’t the ultimate goal to win awards and thereby sell the movie?â€
Maybe at some point in the future though, someone will invent an affordable chip with a 3-layer process, flaws and all, with natural grain.. then this argument will probably be over.