Just in case anybody reads through this thread, here is the truth (from a person that owns both a GH3 and the latest G7 (G7 purchased Nov 2016):
The GH3 records very high quality 1080p in both 60fps and 30 fps. Useable up to 1600 ISO.
The G7 does not record quality video at the 1080p setting, regardless of whether you set it to AVCHD or .mp4. The only way to achieve good quality video with the camera is to shoot in 4k and convert to 1080p in post. The difference in quality is stunning. I have done side by side tests and it is easy to spot the difference.
Honestly, I would rather have a second GH3 since I am now forced to shoot in 4k for a second cam to maintain quality. Also, the downside to shooting in 4k (besides my need to buy more hard drives) is you can not use the tele convert function to achieve a bit of lossless digital zoom. Another side note, battery life on the GH3 is a lot better than the G7.
The only advantage so far in using the G7 for 1080p is the auto focus is much improved over the GH3.
That's funny considering that when the gh3 released multitudes of users found the g6 and gx7 to produce better video quality than the gh3. You can look at the various video forums around the internet and see that many chose g6's over the gh3 even after price drops. Plus panasonics 1080p is fantastic in almost every model and practically every review bares this out.
24Mbps video 1080p video will not match up to 60 or 70 Mbps 1080p video, when both are done by the same manufacturer. Now, 24Mbps videos from the G7 and G6 will beat high bitrate videos from the E-M5 II because the codec wasn't as good on the Oly.
Panasonic constantly improves it's own codecs. I would be surprised if the 1080p video from the gh3 is still better in any measureable way than the g80.
But 24Mbps (for 24p) in h.264 is not sufficient to capture pro quality 1080p without incredibly high quality NR being done prior to encoding. You can encode pro quality 1080p in far less than 24Mbps after being post-processed, but, usually, there just isn't sufficient processing power in a camera to do this in real-time. That may change, but I don't think it's there yet.
That doesn't change the fact that hundreds of video professionals from various forums have said the gh3 was great,,,,,but man still chose the g6 and gx7 instead because the g6 was just as good and had more character, and the gx7 was actually considered to give sharper video.