Context is important here. There are people I know who have no interest in technology because they think it has nothing to do with storytelling. They think it's separate and a 'technical thing' they can deal with if and when. I 100% agree no one should be procrastinating over cameras instead of making film. However, we should also consider the right tool for the right job. I have used my EX1 since 2008 adding a Letus setup with BM hyperdeck over time maximising investment. I have augmented my shooting with a canon 550D. I have shot over 40 projects. However I have hired in a Sony F3 with Gemini, a C300 and most recently a A7s with shogun for more ambitious projects over the years. If you are creative and love telling stories I think we should challenge ourselves to take on new technologies if it means improving production values and presentation where possible. Half of the filmmakers on the video would only shoot with a 550D if they had no choice. We should make the best choices we have available to us and always use what we can afford knowledgeably. Informed choices.
I think Canon are being very tactical here. For a narrative filmmaker like myself this is a rental and I would easily choose the FS7 over this as a camera to purchase/own any day, for me there's no justification in spending an extra £5000 for this camera. However, for working camera operators/owners upwards who earn/produce for most of the year, this is a very solid investment if the price can be earned back. This camera challenges not only the FS7, but the F5 also. I would also say that it may be an acceptable alternative to the F55 if the color science and image is something DP's prefer over Sony - its cheaper than the F55 and almost as capable, especially if rolling shutter is at an excellent minimum. It will be interesting to see if the internal 4K in the F5 becomes a free or minimal expense upgrade. The C300 II challenges Sony's big 3 F-Series camcorders in one package. However, there is a bit of a hole in the 'low-light/dynamic range/on-board 4K large sensor camcorder' market at the £3000-£4000 mark. I hear Panasonic may be doing a GH4 style camcorder in that range... Will Sony?
I think this is a solid camera, but needs to be a bit cheaper. I mostly make narrative short films and mini movies, had the A7S not come out I may have bought this, but my priority is dynamic range, so the A7S suits me better. The C100 Mark I is a very nice cam to work with so these improvements make the Mark II the ideal entry video cam, but it needs to be cheaper in my opinion.