Interesting article, as always.
I think that there is a think that we normally tent to miss when we talk about new gear. Who is going to use it? A beginner, an experienced hobbyist or a Pro?
I’m not surprise to hear that an experience photographer on a point and shoot pulls out better images than a hobbyist with an expensive rig. This is the same for any other field.
2.5 years ago I upgraded from a RX-100mii, after spending months on spreadsheets trying to balance my budget with the options I settled on the Oly E-M1m2. At that time, I didn’t wat to go into FF.
At the end, just before hitting the buy button I switched to the D500. I’m very happy with the D500, but I’m sure that I would be as happy with the Oly. With the time, I have seen improvement in my images that keep me from regretting expending all that money.
UW photography is “just” a hobby for me, and other from work (with phone) I normally don’t take pictures on land. I know that I don’t need / use all the options of the D500. But I love how fast the autofocus work with the Nikkor micro lenses.
Regarding your conclusion I agree with you, we hobbyist tent to expend way much money on equipment and gadgets. However, when I look at the equipment used in award winning competitions it is always FF & APS-C formats. I’m not saying DSRL is better, I have seen great videos and shots with the Panasonic and Sony cameras.
As a hobbyist, I don’t think that I can tell the difference from shots taken with DX and MFT system. Is it the same for everyone? Maybe…
I think one should consider the size and weight of the final rig (housing, arms, strobes, etc) and make sure you are happy with it.
About the extra cost from MFT and DX, for me it was around 15% and it wasn’t the most important thing. And there is nothing worse than looking at a shoot thinking that you should have bought a “better” system.
I think that this discussion involves more than technical facts and comparison, making it very hard to get a conclusion where everybody agrees.