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>I'm under the impression that colors were more "right" on my calibrated monitor when displayed as a BT.601
There you go, this confirms to me that "Matrix coefficients: BT.601" is valid, and the other flags are not *as* significant.
Why 601 and not 709 in HD? To indulge in wild speculation, Canon may may chosen to keep Rec.601 for historical reasons, to be compatible with their own and existing 3rd party decoders.
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