UPDATE: 7/2/2015: Cineform goes official! Cineform has finally been accepted as "VC-5" by SMPTE. As such, GoPro will soon be updating the free version of GoPro studio to allows encoding of Cineform HD 16-bit RGB and 10-bit YUV from any application including DaVinci Resolve. A Pro or Plus license is no longer required, as was previously necessary to use outside of the Adobe applications and GoPro Studio.
24 bit = 10-bpc YUV 4:2:2
32 bit = RGBA 12 bpc 4:4:4:4
64 bit = RGBA 12 bpc 4:4:4:4 (12-bit calculated as 16)
Based on testing with a wide variety of source materials, I found it best to use the Cineform encoding setting that avoided color space transcoding between RGB and YUV. In other words, if you are working with H264, 4:2:2 or YUV material, it is best to use the Cineform YUV 10-bit option. If you are working with RAW, 4:4:4 or RGB data, Cineform RGB is the better option. I noticed this mainly in Resolve outputs, although it is likely valid in any application using the codec. Also, you may need to specify "data" in the DaVinci Resolve export settings, as auto was not working as of version 11.3.1.
11/20/2014: More from Dave Helmly about UltraHD and the Cineform GoPro Codec
UPDATE 10/31/14: Per Tim Tim Kurkoski from Adobe, The GoPro CineForm codec can encode pixels in YUV 4:2:2 at 10 bits per channel, or RGBA 4:4:4:4 at 12 bits per channel. The presets are incorrectly named with YUV 8-bit, and will be updated in latest versions of CC.
If you're an Adobe Creative Cloud subscriber, you've had a lot to be happy about with the recently released 2014.1 update (which can be reviewed in its entirety here). One major feature that most likely won't even notice is the inclusion of a new codec called GoPro Cineform. It is hiding within the video codec menu, if you export using Quicktime Format (see picture below). The Cineform codec isn't technically anything new: it's been around for a while and still has a small but loyal following, but due to it's requirement of additional software, many were discouraged from using it. The RAW version of the codec also requires a fairly expensive license for the premium version of the GoPro Studio application. It also got a recent surge in popularity when Cineform was purchased by GoPro and integrated into the GoPro Studio suite of tools.
Why Should you care? You're probably happy with either Apple ProRes or Avid DNxHD, and could care less about switching your workflow up. Here's a few possible scenarios that could benefit from access to a cross-platform codec, such as GoPro Cineform. One issue could occur when you collaborate with multiple artists, especially on different platforms, which all have different capabilities with codecs. However, even if you are working alone, or on a single platform, there is still a good reason to consider using Adobe's new implementation of the GoPro Cineform Codec, simply due to its improvements in encoding speed. Cineform is a fantastic intermediate codec that renders extremely quickly (within Adobe Media Encoder using a Quicktime MOV file wrapper) and can be virtually lossless, depending on your quality settings. I've done a few render tests using a several different sources to see how fast it really is: an Avid DNxHD 175 10 bit 1080p source, a RED Epic 5K source @ 1080p, and a 1080p ProRes444 source. Below I've listed the render times for each project rendering to Adobe's new native GoPro Cineform (16bit with alpha preset), the older Cineform codec previously available directly from GoPro (Film Scan 1 4:4:4 RGB), H264, Avid DNxHD 175 10bit (as an mxf), and ProRes422HQ (this is being rendered by an unofficial ProRes codec, so the results are just for generic reference overall).
Conclusion \ Discussion of Results
With the exception of H264, all of these formats are good intermediate codecs that will work well for use during production & post-production. Why not use the one that encodes the fastest, works on the most machines used in your workflow, and provides a visually lossless image (which they all will do). As you can see, while GoPro Cineform was unacceptably slow using the official encoder, it jumps ahead to almost the fastest using Adobe's implementation. While I don't personally feel there is one "perfect" codec for archival or mastering, I will certainly be using the GoPro Cineform codec built into the latest version of Adobe's Creative Cloud far more often whenever I need a high quality intermediate codec to round-trip between applications or to archive my projects in the highest possible quality. If you have the latest version of Adobe CC, I urge you to experiment with this codec and see if it has a place within your workflow, where you previously may have have always used Apple ProRes or Avid DNxHD. Make sure to download the GoPro Studio application from GoPro's website to play GoPro Cineform files outside of Adobe Premiere.
Adobe GoPro Cineform setting was q=5 (film scan 2 - rigorous post) for all tests, with max bit depth the 64 bit setting enabled. Official GoPro Cineform codec settings were RGB 4:4:4 I-Frame Only Film Scan 1. Enabling 32 or 64 bit enabled alpha channel.