Right when I receive a new camera, I run some tests. The main test I do is to see which profile is most suited for me. Meaning, Which picture profile will give me the best results after I color grade. So the new camera I picked up has been the Fuji X-T3. I switched from Sony and have yet to switch back.
The 3 popular profiles on the X-T3 are HLG, F-Log, and ETERNA. The camera was set to 10bit 4k at 400mbs and -4 sharpness and -4 noise reduction. I have also found my own custom Eterna profile by reducing highlights to -2, shadows -2 and color -3. Through other tests, I feel that this gives me a little more information even when shooting in 8 bit.
The best picture profile depends on who is color grading the image. I have found that some profiles work better in my workflow than others. So if you are wondering what profile is the end all be all, that will depend on you and your tests.
From my tests, I have found to dislike the HLG profile the most and I think the reason is part that I struggle trying to color grade it and the profile is not as flat as the others. So I have less information to work with. I understand that HLG is meant for HDR content, but I have seen people get wonderful results from HLG even though the final product was not meant for HDR. Even though I dislike HLG, that does not mean that it is a bad profile, I have seen people get amazing images from HLG.
For me, the difference between F-log and Eterna will depend on if it is 10bit or 8bit. I say this because I believe that 8bit does not have enough information for F-log. F-log is too flat for 8bit. When I shoot a really flat profile in 8bit, I cant push my color grade as far as I would like to because the image would fall apart. So when I shoot 8bit, I shoot with my custom Eterna profile. It is not so flat that I cannot bring any information back with 8bit, and it is not a super baked image, so I do have some information that I am able to grade with.
The main thing that helps me color grade F-log are the free fuji F-log luts. For me, F-log is so flat, that it is hard for me to get a pleasing image with a manual grade. The Luts help be bring the image back a little and then I can work from there. I mainly use the Eterna lut. Now someone would question that if I am just applying a Lut lto make F-log look like Eterna, then why not shoot Eterna. Well though my tests, I have found that even though I using a Lut to make F-Log look like Eterna, I get more dynamic range using F-log.
TLDR : F-log when shooting 10bit and use fuji luts
Custom Eterna profile when shooting 8bit