I'm beginning the hunt for a good monitor recorder to use with the FS5 with RAW upgrade. I "probably" will never need to record anything in RAW but from what I understand I will need the RAW upgrade to at least get 10/12 bit 4:2:2/4:4:4 out. From what I understand, the FS5 only outputs 8 bit 4K as is without the RAW upgrade. Am I correct in this?

I've contacted Video Devices about the PIX-E5 and they told me it can't decode the RAW signal.
Direct quote: "The PIX-E Series won't be able to accept any RAW signal and pass it through and wrap it into the ProRes 4444 codec"

So, does anyone have experience using the RAW upgrade with any external monitor/recorders recording to ProRes in 10 or 12bit 4:2:2 or 4:4:4?

Any suggestions would be greatly appreciated!

Not really that many choices its Sonys own recorder , the Odyssey 7q+, Atomos Shogun... couple new versions of the Shogun are out or will be check the Atomos web sight

check the FS700 forum, they have been recording RAW to ProRes not eh Shogun and 7q for a good long while and I believe its the same for the FS5