Yeah, I'm pretty happy with the results I can get, at least when it comes to still photography when shooting RAW. Here's Portra 400 at box speed and a digital RAW still with a custom emulation that I made:
I can get pretty close with 10 bit log as well, and I use a slightly cleaner variant of this for my corporate videos. It's probably overkill for my clients who would be happy with a digital look, for sure, but it makes the colour grading part of the job much more enjoyable for me.
I've mentioned this before, but I think that the people who are delivering colour to the consumers have been playing it safe. They're more concerned with providing colour that is free of artifacts and problems than they are with accurate colour. For example, in Camera Raw and Lightroom the default color profile for each camera is Adobe Standard (the others, Adobe Color, Adobe Neutral etc. are all based on this). Adobe Standard for all cameras has seemed to me get a lot more anaemic looking over the last 10. The reason for this, I would guess, is to avoid ugly colour artifacts like colour blocking, clipping etc. The Canon DSLRs used to have very accurate and properly saturated colour, but they would sometimes demonstrate colour problems in extreme conditions like concert lighting. There was a big thread about this on the Magic Lantern forum at one point. Nowadays, Adobe Standard is a lot more conservative. It's instructive to go to DP Review and download RAW samples of earlier DSLRs and compare them to recent models. I know that the Pacific Northwest (where recent samples were shot) is a bit grey, but so is London (where earlier samples were shot) 😂
Recently, I've been looking at Panasonic's V-Log to V709 conversion LUT which, presumably, is a good starting point for a grade. It's significantly inaccurate for recent Lumix cameras. In this image, the circles are an overlay of the reference colours according to X-Rite:
Nevertheless, it's a conversion that is fairly robust. Colour integrity is pretty good in terms of colour blocking and clipping. (It's better on some cameras than others. In this pic, S5II, the reds get a bit blocked up, which you can see in the red lego block, appropriately).
I haven't investigated Canon and Sony's log conversions, but I assume that their colour is similarly on the conservative side. If so, it seems that manufacturers are for the most part playing it safe when it comes to colour and leaving it up to the user. This makes sense as it can be damaging in reviews to have a colour transformation that is accurate, or pleasant, but creates colour artifacts. And if a large proportion of users are happy with conservative colour, or don't notice that it is conservative, then why rock the boat?
I also think that the anaemic look is in vogue: contemporary TV drama sometimes looks like it's barely been de-logged. So, low contrast and low saturation is rife. In 10 years time this will be dated. It will be like the bleach bypass look of early 00s TV, or the "piss filter" of 00s gaming, or the orange and teal look of blockbuster movies.
Of course, Fuji offers film emulations in-camera, so well done to them!