The camera would capture the footage at 120fps but output it at 60fps. Basically, if you took one second of footage at 120fps, the camera would output that as two seconds of 60fps footage. On the Shogun it should play back at 60fps because it has no way of knowing that it was originally captured at 120fps. You would just re-time it in your NLE to make it play back at whatever frame rate you want.
No, you will need the extension for the FS7. For the FS700 (and soon, the FS5) you can record raw directly from the camera's SDI output.
Still waiting on FS-RAW to CDNG capability on the original Shogun. They have a little more of a week before Q1 ends and they miss another promised release window...
That is the main reason I purchased the FS5 over the FS7 or URSA Mini 2.6K. I certainly would have preferred to pay, say, $500 more to have lower base ISOs and 10-bit 4K over HDMI though...
He's referring to the FS7, which uses a different method of outputting raw.