Matthew Elton
Obviously the G7 won't interface with the YAGH (an accessory that gives you dual XLR inputs and 4K capable HD-SDI outputs), while the GH4 does. This gives the GH4 a major advantage for professional work. Also the fact that the G7 has no headphones jack, no DCI 4K, no V-Log (which was just added to the GH4 firmware).
Obviously the G7 won't interface with the YAGH (an accessory that gives you dual XLR inputs and 4K capable HD-SDI outputs), while the GH4 does. This gives the GH4 a major advantage for professional work. Also the fact that the G7 has no headphones jack, no DCI 4K, no V-Log (which was just added to the GH4 firmware).
Panasonic now has 6 different cameras that record 4K directly onto SD cards (GH4, LX100, FZ1000, X1000, DVX200, G7). Sony doesn't have any (FS7 and Z100 can record internally, but only onto expensive XQD cards). Canon has one (the useless XC10... the C300 Mark II can only record on overpriced CFast cards, and the 1DC is so laughably overpriced it's not even worth mentioning).
Seriously, what is taking Sony and Canon so long? Panasonic is leaving them in the dust. The A7S was a huge step in the right direction but was crippled by its failure to record 4K internally. An A7S Mark II and 5D Mark IV that shoot 4K video internally are LONG overdue. Come on, Canon and Sony. Get in the game already.
Good b-cam to the GH4? MAYBE. We need to make sure that the G7 has the same picture profiles, including cine-D, the one you're probably using on the GH4. No word on picture profiles yet as far as I can tell.
Be aware that the G7 does NOT have the same sensor as the GH4, it has an inferior sensor from the GX/LX series, same one as the LX100. Someone really needs to do some side-by-side tests to compare G7 and GH4 images to see if the G7's are as good, and how well the colors match between the two cameras. This will really determine the feasibility of the G7 as a b-camera. No point spending money on a B-camera that is only going to give you headaches in post by requiring a lot of color grading to match the A-camera.
Also be aware that the G7 does not shoot cinema DCI 4K (4096x2160) so it would not be a good b-camera if you are shooting this resolution on the GH4.
Also, the G7 has no headphones jack, rendering it useless for professional audio.
Overall a great value for the money. But really, it's worth spending the extra grand for the GH4 in my opinion.
I would rather watch a film with strong direction, good acting, and good script shot on a professional camera than a film with strong direction, good acting, and a good script that looks like crap because it was shot on an iPhone. You can have the best writers, directors, and actors in the world, and it will all go to waste if the images don't look good.
Gear matters. Yes, writing matters. Yes, acting matters. Yes, directing matters. But at the end of the day, gear still matters.
So let me get this straight... for $320 you get XLR inputs for your DSLR in an extremely large and awkward-to-handhold box. Meanwhile Beacktek makes the same thing for half the price in a much smaller and lighter configuration. Nice concept but it's not there yet. Add an SSD slot that records Apple ProRes and then we'll be talking!