Updated: Jul 11, 2020
Before I start talking about it this is exactly what Canon says about their camera on the Website.
" Commit your best work to Stunning 8K Videos and relish the prospect of exciting new possibilities for creative capture. Offering full sensor width 8K internal raw recording at up to 29.97 Fps and 4K at up to 119.88 Fps in either 4:2:2 10bit Canon Log or 4:2:2 10bit HDR PQ, EOS R5 allows you to fully expand the world of filmmaking and explore dynamic new ways of telling your story."
Now this paragraph has already given you the answer that is why it will be a game changing product in this particular Industry. But it finally matters on the price, If its under $5000 dollars then this is hands down a killer product. Maybe I am too excited but the truth is this is good news for Filmmakers like us , who are independent and are more into Indie style of Film making. To be Honest this is still quite expensive for me and I can't afford it but this product is a sign that in near future making a high quality film at a low budget is possible, the quality which closely match up to best industry standards .
So this is a Good News for the Freelancers, You Tubers etc. In short, small Production Companies will benefit and might be able to compete with the big ones. Of course it still can't compete with the Arris and the Reds. But this product will close the gap quite considerably. Of course I haven't used the product so I can't compare, review or give views on the performance but it looks promising.
I am sure this will be a good documentary camera as it is small and so high quality as per the specs , also many vloggers will replace it with their current EOS R which is the current market leader for this particular use. I must say that if Sony, Lumix, Nikon don't bring up something soon , this might become the best seller in the high end of the consumer market. The only camera in this Price range that comes close to this is the Blackmagic Pocket 6K which is quite good but has a lot of issues regarding ease of use and Canon being a more bigger and versatile company will be trusted more by the creators.
Lastly, I think this camera might start a new trend in the industry, it is little bit ahead of its time as hardly anyone has devices which can play 8K content but this camera is future proof for anyone who buys it , if every other features are upto the mark in the quality department. I would buy this camera hands down if I manage to have the money and would take a risk no matter what. It is Canon so I can bet on it.