Canon will be officially announcing new firmware for the Canon Cinema EOS C70 next week. The new firmware will be available in March of 2022.
I do not have all of the information about this new firmware, but this should make a lot of C70 shooters quite happy.
About the coming firmware for the Canon Cinema EOS C70
The EOS C70 now offers users the ability to capture Cinema RAW Light internally to SD cards. RAW provides you with greater image quality and flexibility in post-production.
On top of the existing 10-bit XF-AVC currently found in the EOS C70, 12-bit Cinema RAW Light LT features data rates up to 645Mbps, offering much more manageable/efficient file sizes to streamline your workflow while retaining the same benefits of RAW. Simultaneous recording of Cinema RAW Light and XF-AVC Proxies is also supported.
Cinema EOS announcements have been delayed numerous times. I think they have likely continued R&D on the successor to the C200. I do believe there will be an 8K version of the C200 Mark II
If that is in fact the case, I wonder if it's still worth holding out a little longer and compare the two when we know more about them.
I have had the C70 for a while and the form factor I one of things that has never fully jelled with me. Some days I love that it is smaller and more like a DSLR body than my old C300 and other days I wish it was a little bigger and had more of the C100/C200 style of Body. Ergonomically it's way better than trying to shoot with a R5 but not quite as ideal as the old C100 or C200 which were the sweet spot for me.
I saw the specs on the canon uk site before it got taken down. It has a 645Mbps raw data rate