A quick workflow test I did with my EX-3 when I got it. I went to shoot some stuff in rainy "Baden Bei Wien", loaded it into FCP, cobbled it together and round-tripped it to Apple Color for grading.
Left side of frame is the graded version and the right side is what came out of the camera. I am quite impressed what can be done gradingwise to XDCam @ 35MB/sec VBR footage compared to HDV 1080i. One can do a lot more, before the image falls apart.
Having recently graded a short film (www.dead.bones.com) that I shot on HDCam with the pro35 adapter and Zeiss Lenses I have to say that XDCam holds up to HDCam when it comes to grading!
Credits: Director of Photography, Camera Operator