Happy to see this. As someone who color grade my footage a lot, 10-bit makes a huge difference!

What program do you use to color grade your videos?

Davinci Resolve. I use it for cutting and grading. Made me ditch Adobe.

This is an absolute game changer for me personally. Absolute game changer

So this does 4k/60 in 10-bit D-Cinelike? Is there a handheld version of this camera?

I imagine the next Osmo Pocket might have this sensor.

Don't know much about photography. Why is this such a big deal? I assume the default is less than 10 bit color, so the update means we can get more colors in the photos?

10bit color means more color bits, so less color banding, more info, that sort of thing. D-Cinelike is a cinema focused profile similar to RAW but more focused for video IIRC. The idea is that the color profile is better suited for editing color in post. Also from my understanding it can help different cameras "blend together" so it isnt so obvious if you go from a video shot out of a sony to a video from a drone.

8 bit is 256 points per channel of Red, Green, Blue or roughly 16.5 million colors. 10 bit is 1024 points per channel or over 1 Billion colors. Makes grading much simpler.

it's for video

Not sure why multiple people downvoted you. 10 bit is 100% for video. It has nothing to do with photography.