the 4k is a crop on the sensor so 1:1 pixels but a smaller image area captured.
Losing .3 is not the best alternative, though the same as blackmagic's 4k camera so I guess it's not going against a standard, though the problem is there is no real standard in 4k.
Fortunately there are a lot of good autofocus fast primes from panasonic (leica) and olympus so other than long reach 300mm to 400mm and a super fast autofocus ultrawide (9mm) most of the range is covered well and the lenses are small enough to carry easily.
Then there are all kinds of manual options like the list of .95 manual primes, so having depth of field options are good.
If all goes to plan, panasonic did a good job. it's far from pretty, but it looks very functional and with panasonic's autofocus they have done something that the larger players haven't and it's not just attractive in regards to price.
I do know if the rumors are true i'd by the north american version as it doesn't have the 20 something minute eu limitation on run time.
Firing up a larger camera and shooting is a lot more difficult than a camera with the panasonic form factor.
One pelican case, 10 lenses two bodies and you could open the case, mount a lens and start shooting.
To me the only thing they are missing is olympus m43 in camera stabilization.
With that the world would be a much smoother place.
I just hope it works as well as the gh3.