Quick search got the below quote from the Sony site. From other comments there, they prefer working in S-log3 or 3-cine over S-log2 in general, and suggest testing to see which works best for any particular situation.
S-Gamut3.Cine/S-Log3
S-Gamut3.Cine is similar to negative film scan which was used for TV production, film out digital
cinema. Color reproduction is designed slightly wider than DCI-P3 to provide ample room for
grading. Thus manual grading for P3 becomes easier. S-Gamut3.Cine is more convenient to grade than S-Gamut3 and S-Gamut as camera digital negative.
If you would like to apply print film emulation, please increase saturation to about 1.4. Sony also
provides .cube files (Look Profile) to convert 709 video color space.
S-Gamut3.Cine: P3
S-Gamut3 (S-Gamut): 709
S-Log3 is based on Cineon Digital Negative revised in 2007. S-Log3 tone curve has no
shoulder and is reduced the toe (non-linear curve in shadow area). It is more like a pure log
encoding than S-Log2 to provide better log based grading (See chart below). Mid-tone value; 18%
grey is brighter than S-Log2. S-Log3 has 1.5 stops wider dynamic rage than S-Log2, covering the
full EI range. It is not necessary to change the conversion formula for each EI setting.
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