My general feeling, mostly from what I've read rather than done, is that the higher quality the format the captured footage is, the more worthwhile it is to shoot LOG. For example...
8-bit 4:2:0 - Not really worth it. Better to shoot nearer to your final look (but ensuring no more contrast, saturation or sharpness than your final look so that if anything you are increasing these a little in post rather than reducing them).
10-bit 4:2:2 - More worth it
12-bit 4:4:4 - Definitely worth it because you can do so much to it without noticeably degrading the quality
If you shoot wide-angle with a very flat profile in 8-bit 4:2:0, you risk more banding in the water when you add contrast and stretch out the mid-tones.
Having said that, if it's free when it comes out I might try it on my GH4 (internal recording) to see how it goes.