The new Sony PXW-X200 is externally very similar to the old PMW-200, but under the hood it is a very different camera. For a start it has new and much improved sensors and processing. That combined with 10 bit 422 XAVC means that there is a noticeable improvement in image quality, in particular noise levels. As a result the pictures from the X200 actually grade really well.
However for the best results when grading or for general purpose shooting I feel you can benefit from a few simple changes to the cameras picture profiles. Out of the factory the camera uses Rec-709 gamma with a knee. This gives a reasonable picture but the highlights can look rather crushed with some neon colours. I feel that the X200 really benefits from the use of a Hypergamma gamma curve. Below are some settings that you can change in the Picture Profiles for better image quality, change ONLY the settings listed:
General Purpose Profile for day to day shooting (NOT Broadcast Safe, 109% peak white):
Gamma: HG3, Black Gamma -40, Black Level -3.
White Clip: OFF
Matrix: ON, Select 1, Level +10, Phase -4, R-G +8, R-B +6, G-R -10, G-B -8, B-R -5, B-G -12.
HD Detail: Level -10, Frequency +15
Aperture Level +25
Recommend setting zebras 5% lower than you would normally.
General Purpose Profile for day to day shooting (Broadcast Safe, 100% peak white):
Gamma: HG1, Black Gamma -40, Black Level -3.
Matrix: ON, Select 1, Level +10, Phase -4, R-G +8, R-B +6, G-R -10, G-B -8, B-R -5, B-G -12.
HD Detail: Level -10, Frequency +15
Aperture Level +25
Recommend setting zebras 4% lower than you would normally.
Profile for high dynamic range shots, suitable for grading.
Gamma: HG4, Black Level -3.
White Clip: OFF
Matrix: ON, Select 1, Level +2, Phase -4, R-G +8, R-B +6, G-R -10, G-B -8, B-R -5, B-G -12.
HD Detail: Level -12, Frequency +15
Aperture Level +15
Recommend setting zebras 6% lower than you would normally.
Profile for night shooting where low light performance is critical and noise may be an issue.
Gamma: STD5, Black Level -3. Black Gamma +25
Matrix: ON, Select 1, Level +2, Phase -4, R-G +8, R-B +6, G-R -10, G-B -8, B-R -5, B-G -12.
HD Detail: Level -15, Frequency +15
Crispening +40
Low Key Sat -30