there hasn't been any difference in the formats for some time now.
terrible advice in the headline
Not sure I agree with this, transforms are simple linear operation, its just usually a 3x3 matrix operation, Luts can be generated from non-linear complex operations. So a lut can be far far more complex than a matrix multiplication. Like if you use a neural network which does contain the same math as a matrix multiplication, but nested in non-linear activation functions, you can map a color space transform and process a lut through the network. Its going to be far more accurate as an algorithm rather than just trying to multiply by a ratio of the RGB primaries. Transforms are basically the RGB mixer with more than two decimal points. The main issue is colorist don't have the tools the make nonlinear luts. You need either a digital signal processing person or a data science person. Its why Luts have bad reps amongst colorists, the large majority of their tools are vectorized so they can't actually make the LUT non-linear.
Ehhhh, the wifi is not really that big of a problem. Its more so that luminaire is difficult to create your own effects in. If they simplified that it would be something, but nobs are ehhh.
I know its sounds smart to say full color bit depth, but that also doesn't mean anything. 12 bit is a container of the possible colors that can be recorded. If the sensor groups different colors as the same color you cannot undo that even with 12 bit. It is possible to make different colors the same color, but you cannot take two pixels of the same exact rgb values and adjust one without adjust the other. It looks to me that BM has chosen to group the skinctone values of the negative into too small of a range, that even with a rec709 transform, subtle hue differences within the skin get lost. This could be how BM graded the footage, but that would be even worse though. I think the trick in the demo is perceived sharpness. They have made the perceived spatial fidelity (tech term!) really sharp that kinda tricks the brain into thinking that the image is life like even though the skin tones are uniformly unreal.