The other thing I did not like on the Max 2 is the slow-motion footage, which tops out at 100 frames per second and is only available shooting 4K. That means when you reframe you're getting a max resolution of 1080p. To be fair, neither the Osmo 360 or the X5 fare much better. The sad fact is, at least for now, 360 cameras just aren't good for slow-motion video.
Software
While shooting 360 video for use in immersive goggles is certainly a use case, most of us are probably still going to want to post these videos on the web, which means they have to be converted from 360 video to a normal, flat video. This process is known as reframing, and all the top 360 cameras offer some kind of software to do this. GoPro has two options, the revamped Quik mobile app and some desktop software for Mac and Windows.
The emphasis from GoPro is clearly on the mobile-first workflow, with quite a few features available in the Quik mobile app. The best of these is Object Tracking, which like the equivalent feature in Insta360's app, allows you to select a subject within the 360 footage and the software will then keep the shot locked on that subject regardless of what you did with the camera when shooting. I found that this feature worked really well in my testing. It's not perfect in the sense that sometimes it may not frame the subject quite how you want, but it's easy to fix this by manually reframing sections that need it.
The bad news is that this is a mobile-only feature. The desktop software is quite capable and has about 95 percent of what you need, but it's disappointing to not have the automatic tracking, given how much it speeds up editing. Hopefully GoPro will bring this to its desktop edit tools with a future update. As it stands, Insta360's desktop editing suite is clearly well ahead.
The good news for desktop users is that there's now a plug-in for DaVinci Resolve to go with the long existing Adobe Premier Plugin. The bad news is that you'll have to transcode your videos into a format DaVinci Resolve can read using the GoPro Player app. Fortunately there is an option to batch-process them. The ability to shoot 10-bit color footage I can then combine with other footage in DaVinci Resolve is worth the small pain of prepping the GoPro footage.
Also, props to GoPro for supporting plugging the Max 2 directly into your phone to download clips. This is so much faster than downloading over a Wi-Fi connection. Love a good wire.
Should You Buy?
If you don't currently have a 360 camera and you want one, the GoPro Max 2 is the camera to get. It will be our top-pick 360 camera when I update that guide next. The excellent video quality, easily replaceable lenses, 10-bit color, and more realistic out-of-the-box color rendering give the Max 2 the edge over the competition.
The only caution I have is the audio. You'll want to use an external mic if audio is important to you (but really, this is always true). The one other area that might make the X5 a better choice is in low light. I very rarely shoot with cameras like this in low light, and I find the low-light footage from Insta360’s and DJI’s cameras (all of them, not just the 360 cameras) unrealistic and smeary, but in some cases that might be better than what you get from the Max 2. Suffice to say that GoPro has optimized for the daylight shots.
If you already own an Osmo 360, there's nothing here that's compelling enough to warrant moving to the GoPro. The same is true of the Insta360 X5. If you own the X4 … that's a tougher call. The Max 2 video quality is a huge step up, but so is the X5, so it really comes down to whether or not the 10-bit color and other benefits of the Max 2 are worth it to you.