The S-Log (Sony Log) Gamma and MLUT (Monitor Look Up Table) is usable ONLY when the CBK-RGB01 RGB and S-LOG Output Option (not supplied) is installed AND RGB444 is selected for Dual-Link.  You cannot record S-Log to the internal SxS cards or output S-Log with a standard 4:2:2 signal over HD-SDI.

 

Sony's Flash Recorder to take the S-Log and 4:4:4 output will be available in January.  Check it out:

NEW ANSWER!!! as of 3/27/12, yes, you can record the S-Log internally to the SxS cards at 35 Mbps 4:2:0 with the LUT disabled via the menu in the camera.