There is a lot of confusion on this topic, which is going to keep us spinning our wheels and not capturing beautiful video. The
Phantom 4 Pro Camera has much better specs than any of the earlier Phantoms:
Phantom 4 Pro and Mavic Camera specs :
CAMERA
Sensor 1’’ CMOS; Effective pixels: 20M
Lens FOV (Field of View) 84°, 8.8 mm / 24 mm (35 mm format equivalent),
f/2.8 - f/11.
auto focus at 1 m - ∞
Phantom 4 and Phantom 3 4k and Phantom 3 Pro
CAMERA
Sensor 1/2.3” (CMOS), Effective pixels:12.4 M
Lens FOV 94° 20 mm (35 mm format equivalent) f/2.8, focus at ∞
Several hugely important differences in the cameras;
1. The new sensor 66.6% more pixels - The captured image has automatically 66.6% more starting details.
2. The sensor, in addition to more pixels is 150 % bigger which will improve the noise performance
3. A new lens is being used, which is presumably sharper. DJI has published the MTF specs for it, but has never, to my knowledge, published the MTF specs for the older camera.
It is extremely important to note that this sensor/lens combination is the starting point for all DJI's settings ("none", "cinema", etc). No amount of adjustment of any of these will make any difference to the P3 K, P3 Pro, or P4 camera. The quality is totally dependent on the camera. As I understand what DJI is doing, the only way to get the higher performance camera is to buy it with the Mavic or P4 Pro. To my knowledge, there is no way to retrofit the new camera on any of the drones that don't have it.
Being the owner of a P34k which I love, I intend to continue flying it and will replace it only when something really bad happens. It has got 104 flights on its now. The picture it generates looks gorgeous on my 4K Sony TV. All the image imperfections that are bothersome result from Pilot Error - eg pointing the camera too close to directly into the sun, and not using the cinema settings to avoid clipping. Every shot gets individual TLC transcoding it to ProRes and color correcting in Resolve 12.5. My personal tests don't show any value in using any of the other presets over Resolve and it's powerful tools.
Get out and fly and see what works best in the real world.