I had an opportunity a few days ago to witness my photographer friend testing both Pentax 645Z and Leica S. Pentax with the tele 150mm and Leicas S with Macro 120mm f2.5, ha gave me couple of raw file to do the comparison and this is the result. Both shot at same EV, WB. The skin tone in Pentax looks flat and couldn't render red very well, not sure if this has anything to do with being CMOS sensor.
*I've posted this in another thread as well.
I know this is an old post, but I thought of adding by 2cents.
I have been shooting with the 645z for over a year now, and found that the image adjustment settings of the camera are actually captured and adjusted in the raw file. Thus comparing a raw picture from the 645z with another camera's raw does not tell you much. You will have to edit out the settings from the camera in an editor, such as PS Raw or LR, to be able to compare side by side with another camera.
Thus the pale skin color of the 645z shot on the right could be a setting on the 645z, which was included in the dng file. Of course a raw editor can change that.
Theuns
Correction: Apologies for my incorrect statement above, not all image adjustment settings are captured in the DNG file. I double checked and from what I could see it is only the WB & Tint that is written into the DNG file on the camera.
Also to be noted is that PS Raw editor defaults to the Adobe camera color profile, which makes colors very flat. If you switch to the "embedded" profile then the colors come back to life. I presume the "embedded" profile was written into the DNG by the camera.
Theuns