I do not post very often if at all, but thought I would give my conclusion after having gone through the same decision recently.
First some background: I am not a pro, just an enthusiast and parent looking for an ideal camera. I mostly take pics of kids/family, dogs, and nature pictures when hiking. I latched onto the M4/3 format as I did not want huge lenses and have been very impressed with the overall capabilities of the Panasonic cameras. Typically I have used the 12-35 2.8 indoors and 14-140 outdoors. I hate changing lenses, but will do it when necessary. I have had every single one of the GHx cameras up to the GH4, and was debating if it was worth upgrading to the GH5 or changing to the RX10 IV if it was good enough for my needs. I typically use JPG SOOC unless I know I will need to fine tune. However, my time is more valuable.
INITIAL RX10 IV :
I managed to get access to a RX10 IV and take it out for some shots at an indoor soccer game. I became frustrated with a few things:
1) I was so used to the outstanding touch interface on the GHx cameras that it was a pain not being able to hit the quick button and just choose settings using the touch screen.
2) I disliked not having the fully articulating screen. It has been useful in several situations in when dealing with crowds and taking shots from odd angles
3) I HATED not being to adjust zoom during burst shooting. When play was moving towards me my typical method involved burst shooting and adjusting zoom to keep the person in the frame approximately the same size. Cant really do this with the RX10 IV and can only stop and restart shooting. Makes it a bit difficult and disables one of the great features of the camera
4) Tracking for kids in the game did not work as well as I hoped. However, I have always found the tracking (even on the GHx line) to be lacking.
5) Focus was found to be slow on black labs
6) I initially thought the ISO performance was worse than the GH4/5.
My Initial Conclusion after two days of use - camera could not meet my needs, but this was the wrong conclusion so keep reading.
GH5 REACTION:
My next thought was go with a GH5 or G9. I hated not having the in built flash and have needed unlimited recording . Hence, chose to go with the GH5 as they are now the same price and bought the mini olympus flash. As an aside, I really like that flash for simple bounce for family pictures and kept it for my GH4 (after making the modification so it fits and works). Its great not needing extra batteries and the thing is soooo small. It is not for pros, but works well for a hobbyist.
Was surprised when testing the GH5 that the ISO performance was NO BETTER than the GH4. I setup some tripods and a simple test setup with books, dolls, and other household items. For the life of me I could see no real difference in what ISO I would consider using for everyday shots (3200 being roughly the max). What was worse, I was surprised that the RX10 IV seemed to perform pretty equally with the GH5. The only difference is the GH5 applies a bit more NR and the RX10 IV more sharpening. I could tweak the images after and get them to look nearly identical when zoomed on a 60" TV and zoomed out. My initial belief was that in the real world the GH5 would shine.
I took both cameras on an outing with the family to the zoo. I brought the 12-60 and 45-200 for the GH5 and the RX10 IV. I wanted to see if I could match shot for shot and then compare later to see how each performed. The day was a mix of clouds / sun. Lighting is often hard at the zoo as animals can be in everything from exposed sunlight to hidden in trees / caves / indoor exhibits / behind glass / etc...
I started the day and immediatly hit the first snafu with the GH5. I wanted to compose a shot of the kids, but needed to stop and change lenses. Then needed to change back to get some shots of the animals I wanted. This continued throughout the day. As the day progressed my pictures went from 50/50 with each camera taking approximately the same images to 90/10 in favor of the RX10 IV because I found I could compose such a wide variety of shots without changing the lenses.
When I got home I was sure the GH5 images would outshine the RX10 IV and I would need to make a tough decision. Versatility versus image quality. I was extremely surprised when I compared images side by side / zoomed / not zoomed to find that I overwhelming liked the RX10 IV pictures better. I often found myself looking at the images thinking "I really like this one, it must be the GH5", only to find it was the RX10 IV.
FINAL CONCLUSION:
I got the RX10 IV. Yes, it is not perfect and there are things that I really miss on the Panasonic cameras. However, as a do it all camera for a dad and enthusiast it works pretty well. The biggest weakness being indoor sports with not the best lighting. However, after going through roughly 15-20 cameras over the last 10 years I can say it is the closest thing to the all in one that I have found. I am really hoping Panasonic upgrades their all in one offering.
If the M4/3 system had a 14-200 2.8-4.0 I would probably have stuck with the M4/3 system. However, it does not and probably never will. To achieve the same range as the RX10 IV you need multiple lenses. For those of us who are just enthusiasts and family oriented it is a pain to be changing lenses to try to get the shot you want. Kids dont wait for lens changes. I imagine as the bridge cameras and the associated sensors get better there will be more in the same boat as me.
Will you love the RX10 IV coming from M4/3? No, you will miss the quick zoom, changing zoom while taking pictures, touch interface of the Panasonic, fully articulated screen, and bit more. However, you will NOT miss the multiple lenses if primarily you use the M4/3 for travel photographs and family. Sorry for the long answer, but thought it might help someone else trying to make the decision.