On both cameras, I used the Lumix G 14mm f/2.5 pancake lens, a favourite of mine. I focused on "infinity", and then set both cameras to manual focus. The lenses were set to f/5.6 for the best sharpness, and I used the base ISO on both cameras. With the ambient lighting, the shutter speed was usually around 1/120s. Both cameras had the same settings in terms of sharpening and saturation. It was all recorded in 1080p, 25fps.
Even if the cameras have identical lenses mounted, they still have different field of view during video recording. This is due to only the GH2 having the an over-sized, multi aspect sensor, giving a wider field of view in video mode.
Here are the videos combined, for easy comparison:
Some may doubt that the quality of the YouTube rendering of the video is sufficient to really tell the difference between the cameras. I agree with that, and to assist in comparison, I uploaded parts of the video at 200% size, which probably makes the video image quality easier to assess. And I made some 100% crops from the original out of camera video files, uncompressed in PNG format below:
This last image comparison is from the ISO 1600 footage:
Just like I have concluded previously, the GH3 features somewhat less rolling shutter artefacts in video mode. Further, I think it looks like the GH3 handles high contrast better, and the overall sharpness of the video stream is better. Not unexpected, since the GH3 can record at up to 72Mbps bitrate, as compared with 24Mbps for the GH2. I used 50Mbps with the GH3 here, though. Of course, the bitrate is not everything, the sensor, AA filter, downsampling algorihm and compression algorithm are also important.
I also like the colours of the GH3 better. At high ISO, the GH3 does provide more details.
As far as I can see, the GH3 does deliver on the promise of delivering even better video quality than the predecessor GH2.