Again, I'm kinda disappointed if this is ALL they are going to announce during the IBC/Photokina timeframe. YES! The new XF-705 will be a GREAT Broadcast News / Live Events Coverage camera...BUT...for filmmakers this is a big letdown. I should note that it SEEMS something larger IS coming down the pipeline because MY Euro Sources lately have ONLY older news about an XC-15 upgrade with a replaceable lens. That means security is being clamped down by Canon and that usually indicates something larger in the upcoming weeks or months. Like maybe even a Mirrorless 1DxMk3?
In terms of use, the XF-705 is best for direct live streaming to the Internet (i.e. live Twitch/Gaming/Youtube Show broadcasts) , used for live sports coverage, reality show production, live theatre or musical events say in church services, high school musicals and semi-pro to pro singing groups, television news reporter standups (i.e. reporting live) and possibly for documentaries where you don't want a large shoulder mount camera to distract your talent/subjects.
AND YES! I have seen XF-series cameras used in actual filmmaking on low-budget TV pilots and festival circuit shorts, but you need to shoot at the highest bit-rates and/or record out live to an external recorder AND use really good lighting to make this work! For the price of probably between $3500 to $4500 US, I would rather use a Sony FS-7 rental for 4 weeks which would be a better production deal for modern cinema filmmaking!
So if you want to make your new reality show version of "Survival Preppers Colorado: Blasting Away at Three-Armed Zombies!" have at it and go buy this new Canon XF-705 camcorder!