Personally I would welcome a product like this.
Many of the characteristics of super 8 is a product of the lens. Not necessarily because they are superior lenses but each of them has it's own quirks and personality.
I'd be really curious to see how they deal with the shutter though. Since there would be no way to monitor the image on a product like this there would undoubtably be flicker or rolling shutter issues.
As far as "the point" of super 8 being film, I agree for the most part. But since reversal film has been whittled down to Tri-X, the "true" super 8 experience has already died. Or at least will be dead when tri-x is killed.
Negative film and modern scanning techniques are NOT the true super 8 experience.
Now we need a 3rd party to process AND transfer the footage - that's daunting to me.
One of the reasons I invested in my own equipment for transferring was that most of the transfers I was paying for were hack. It's bad enough that I have to wait with white knuckles until my film comes back in the hopes that the lab didn't munch it up in some way. The expense for working with super 8 has gone through the roof.
Hopefully someone will step up and find a way to bring a color reversal back to the market. In the meantime I be getting the "vinatage looks" in post. It will save me thousands of dollars a year. Negative super 8 stocks just look like treated digital half the time anyway.
my .02
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