While Phantom LUTs are powerful, they are not a magic "fix-all" button. To get the best results:
The biggest tell of a cheap LUT is the highlight handling. A bad LUT takes 90% IRE and slams it to 100% white, creating a harsh, digital edge on a window or a cloud. sony phantom luts better
Phantom LUTs utilize a custom tone curve that mimics film's halation and shoulder roll-off. Highlights are compressed gracefully. This means you can actually overexpose by 1.5 or 2 stops (standard practice for S-Log3 to reduce noise) and the Phantom LUT will bring it back into a viewable range without looking like a nuclear blast. While Phantom LUTs are powerful, they are not
Let’s be definitive.
If you compare Sony S-Cinetone vs. Phantom LUT Neutral: If you compare ARRI Alexa vs
If you compare ARRI Alexa vs. Sony + Phantom LUT:
If you compare Manual Grading vs. Phantom LUT: