Jumping from 8-bit color depth, which has 256 tonal values per RGB channel, to 10-bit and its 1,024 tonal values, shooters will have access to an improved color grading experience with less banding. For perspective, 12-bit has 4,096 levels per channel. With the update, the app allows you to choose between 8-bit, 10-bit, and Dolby Vision HDR under the resolution menu.
If you have purchased the optional FiLMiC Cinematography Kit, it opens up new avenues of 10-bit recording including Log V3. FiLMiC suggests using Log V3 over Log V2 to get the most out of the 10-bit capture. Additionally, there are fully optimized curves under the gamma panel for Linear and HLG.
The latest version also adds an updated Library and Imaging Panel that displays the selected bit-depth on the screen while filming. It is worth noting that when recording 10-bit with the Cinematography Kit, it is limited to 2K 30fps and above 1080p and 60fps.
FiLMiC has also released an updated deLogV3 LUT on its website to quickly grade the log footage to Rec.709. If you're an iPhone user, the update is compatible with iPhone 12, 12 Mini, 12 Pro, and 12 Pro Max, while Android devices can be hit-or-miss, depending on if you have 10-bit recording.
You can find more about FiLMiC Pro here.