As anticipated Sony today released their latest version 1.1 firmware for the FS7. Hopefully this will improve the slow iris response that many users have complained about when using native E-mount lenses and also Canon EF lenses when used with the latest Speedbooster Ultra and Smart adapter MKIV. Another function that has confused users is which combinations of camera setting allow for LUTs to be applied to various outputs and which do not. This is apparently now simplified.
   

This from Sony on their user forum:

Ver. 1.1 brings improved sensitivity of the iris control, simplified Video Signal Monitor and LUT selection. It also adds [S-Gamut/S-Log2 Gamma] color grading space to the Cine EI menu and associated LUT to the Video Out menu. Mode details in the attached documents.

Further builds will continue to add functionality and improve operability.

And this from the description of the update:

• Support for “S-log2 Gamma/S-Gamut” is added to the Cine IE Menu.

• The “sensitivity” of the Iris aperture setting using the “Iris dial” and the “assignable dial” is improved and optimized for various lenses or adapters.

• “Video Signal Monitor” display enabled condition.

1. The default value of “Output Format” on the Video Menu is changed. This will allow “Video Signal Monitor” display without changing the “Output Format” from the default setting.
2. Video Signal Monitor is displayed in the SDI and viewfinder while in “Edge Crop mode” (Except, when the “Rec Format” or the “RAW Output Format” is set to 4096×2160 or 2048×1080; in this case the VSM will only display on SDI, not on the viewfinder.

• “Zoom Ring Direction setting” will be retained after Power OFF

You can download the v1.1 firmware here.