It's compressed to 8 bit linear. The "linear" part is the issue with regard to data compression and the data tables.
http://www.digitalpreservation.gov/formats/fdd/fdd000013.shtml
compared with
http://www.digitalpreservation.gov/formats/fdd/fdd000178.shtml
The dilemma is setting the white point and black point, the differential equation that determines how color is resolved. Personally, I am massively impressed with the ag-hvx200's ability to mix color temperature. A warming filter and polarizer are good purchases also (since you don't need the extra drive).
Moreover, this camera will force your production to be like film production (beyond run and gun) because your takes are limited to small loads.
RH
