Ive owned the D200, and controls and build aside, these are two different cameras. Surprisingly, this camera's nearest competitor isnt the Nikon D200 it is the Canon 5D. Of course, the Canon clearly bests the s5 on resolution as it should. But that's it. The Fuji gives up little else to the Canon 5D but speed.
However, since the obvious comparison is between the s5 and D200, the s5 is clearly superior to the D200 on image quality, particularly right out of the camera. In speed of operation however, the D200 leaves the s5 in the proverbial dust.
The Nikon D200 is sure and fast, very fast. Like all the latest digital Nikon's, they will keep shooting for extended periods. However, the images demand you tweak the camera and do copious amounts of post-processing. The Fuji is more deliberate. It is fast enough to get out of its own way and get the shot and as well as the next, but not fast enough to keep shooting under demanding conditions, at which the Nikon excels. It isnt that the s5 is sluggish, it is that the Nikon is just so fast.
However, once you understand the reason for this relative slowness, you can deal with it. Again, it's all about the images.
The Fuji will produce stunning images from RAW files. It will do beautiful images straight from the camera. If you are a JPEG shooter and hate processing images on the computer, this is the camera for you.
Although the metering is very, very accurate under all but the most backlit conditions, it has a tendency to underexpose the images in anything less than sunlight, so exposure compensation is a must. The good news there, is that unlike most other cameras Ive used, where exposure compensation can be hit or miss or thoroughly ineffective, compensation is even and responsive. This keeps me from having to fiddle with metering options trying to get the proper exposure. A seriously underrated feature of the camera.
Before the v1.06 firmware update, I was not impressed with the Automatic White Balance, having to constantly change the custom white balance, particularly with street lighting or ANY kind of flourescent lighting. Charged-gas lighting would give a nasty yellow or green cast to the images. After the update, the AWB is stunning, able to handle almost any lighting thrown at it. Since the update, I rarely touch the white balance settings. I simply dont have to. Amazing.
Also, before the update the images would go "Blue" under strong light and deep shadows, with a deep magenta-ish cast at night. After the update, that tendency has been minimized and the images are far better balanced giving that true Fuji color without overdoing it either way.
If you get a unit without the latest firmware, upgrade it at once. Period. This update gives me the camera I expected out of the box.
So, the good news: The images are worth every penny you pay.
The only way I can put it standard, out of camera images often look like HDR images with unreal detail in both shadows and highlight. When you get that characteristic glossy look from a shot, you will involuntarily gasp.
More good news: For low light images, this camera is nothing short of amazing. I shoot primarily at night and in low light, and I rarely, almost never shoot above ISO 1250. I have shot (using a f/2.8 17-55mm Nikkor) at ISO 2000 in near darkness, and the images came out as if I had studio lights with VERY little noise. And thats another thing, noise is near nonexistent on the vast majority of my images, and what there is has a nice even film-like grain, not blotchy or nasty as you would see on a D200 shooting above ISO 400.
However, all this goodness comes at a price. The high quality images are HUGE. A JPEG file set at the highest quality (FINE) takes up 5 7 megs. A RAW file averages 25 megs. This is why the camera doesnt feel as fast as the Nikon, as it is transferring massive amounts of data through the buffer to the card. You will start looking for large and very fast CF cards as well as upgrading your storage in short order.
The camera is expensive compared to the D200, but it is definitely worth the premium if you demand the highest quality images. To bring out the best in this camera, you need the highest quality lenses. It is also murder on sloppy camera technique, so be sure to avoid shake.
In all good conscience, I cannot rate the camera as 5 stars, but it is definitely a 4.5 4.75, even at the price.
If I had to choose between the D200 and S5, the S5 wins hands down. In fact, I would get a D2Xs as a speedy backup to this camera, not the D200. My wish would be if Fuji decided to put this sensor and technology into the body of a D2Xs. Then Id probably give it 5 stars.
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(Edit)
So, after 5 months and 35,000 images later...
For image settings I dont fark around with the film simulation modes anymore too unpredictable. And confusing, frankly.
I leave the DR on Auto, as the camera is pretty intelligent about when to apply it..
I leave the Color on High. Bring the tone up.
I also up the in camera sharpening, which is something I normally avoid. It helps overcome the noise reduction detail loss, and whatever sharpening algorithm they use, it definitely helps the apparent clarity of the images while keeping artifacts to a decided minimum..
White balance except for yellow walls under energy saving bulbs and outdoor charged gas lighting, I pretty much leave it on Auto. On the latest firmware it totally handles everything else. Amazing.
As far as camera operation, like the D200 I find it is critical to learn how to use the AF modes otherwise you'll sometimes want to blame the camera for focusing issues. Dont just leave it in one mode and forget it.
While shooting under intense situations, keep an eye on the "R" (remainder) number. On the D200 its easy to ignore this. On the s5, you want to keep an eye on it as it tells you the state of your buffer. The camera is fast and responsive until you fill the buffer, then it locks up until the buffer clears.
Ease up on the machine gunning when you see the "R" figure hits the "r02" level, for at "r00" it will lock.
Oh yeah! Tape down the pin caps on the body. Otherwise, you WILL lose them.
Also carried over from the D200 is the dreaded and unpredictable DBS Dead Battery Syndrome. Sometimes in the middle of shooting, the camera will lock up and the battery indicator will flash as if its dead.
This usually happens with the SB-800 flash and some Nikon AF-S lenses.
Turning the camera on and off when this happen may alleviate, but the trick is to turn off the camera, hit the lens release button and twist the lens in the mount back and forth. That helps with the electrical contacts and keeps this behavior to an annoyance.
What else? Oh yeah learn to navigate through the menu and know where everything is. The logic is weaker than the Nikon menus, but there is a certain logic to it. That is the main learning curve issue with this camera.
And if you buy an external flash, get into the flash menu and configure it to work properly with the flash, or you will get unpredictable flash performance.
That's all I can think of right now. Im still learning this camera myself. :)
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After 15 months and 130,000 shutter actuations
The v1.09 firmware update has pretty much elminated my complaints on sharpness.
I rarely shoot RAW, as the SOOC images are pretty much spot on.
There is a tendency to back focus shooting blindly, the focusing system needs a deft touch.
That said, this is still a stunningly capable camera, highly recommended for those who value image quality to a high degree.
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