Cinegammas are designed to be graded. The shape of the curve with steadily increasing compression from around 65-70% upwards tends to lead to a flat looking image, but maximises the cameras latitude (although similar can be achieved with a standard gamma and careful knee setting). The beauty of the cinegammas is that the gentle onset of the highlight compression means that grading will be able to extract a more natural image from the highlights. Note than Cinegamma 2 is broadcast safe and has slightly reduced recording range than CG 1,3 and 4.
Standard gammas will give a more natural looking picture right up to the point where the knee kicks in. From there up the signal is heavily compressed, so trying to extract subtle textures from highlights in post is difficult. The issue with standard gammas and the knee is that the image is either heavily compressed or not, there’s no middle ground.
In a perfect world you would control your lighting (turning down the sun if necessary ;-o) so that you could use standard gamma 3 (ITU 709 standard HD gamma) with no knee. Everything would be linear and nothing blown out. This would equate to a roughly 7 stop range. This nice linear signal would grade very well and give you a fantastic result. Careful use of graduated filters or studio lighting might still allow you to do this, but the real world is rarely restricted to a 7 stop brightness range. So we must use the knee or Cinegamma to prevent our highlights from looking ugly.
If you are committed to a workflow that will include grading, then Cinegammas are best. If you use them be very careful with your exposure, you don’t want to overexpose, especially where faces are involved. getting the exposure just right with cinegammas is harder than with standard gammas. If anything err on the side of caution and come down 1/2 a stop.
If your workflow might not include grading then stick to the standard gammas. They are a little more tolerant of slight over exposure because skin and foliage won’t get compressed until it gets up to the 80% mark (depending on your knee setting). Plus the image looks nicer straight out of the camera as the cameras gamma should be a close match to the monitors gamma.