The announcement of
Canon Log for the 5D4 is certainly grabbing a lot of attention and the comments from users range from delight to outrage--mostly outrage that the camera needs to be sent in and it cost $99. It won't be available until July so we'll have to wait a few months to hear from users' experiences with it.
One thing does seem to be clear, this is partially a hardware modification. If you check out log settings on professional video cameras you'll notice that it is more than just a picture style. In order to use log, automatic exposure is not possible and the recommended ISO settings center around a sweet spot called the base or native ISO. In the case of the 5D4 it will be ISO 400.
This will be the second Canon DSLR to receive the log option, the first was the EOS-1D C. Several comments are floating around as to why the EOS-1D X Mark II isn't getting this log upgrade. Perhaps the question should be why Canon doesn't combine those two cameras but it would have to be a merge that doesn't compromise the video capabilities of the 1D C or the still photo capabilities of the 1D X.
Back to Canon Log on the 5D4, will we be able to come up with a picture style that can do Canon Log on the other camera models? Though we have had log picture styles since Technicolor released CineStyle in 2011, are log picture styles the same as the hardware log profiles? Probably not. The
EOSHD C-LOG picture style was developed by matching the EOS-1D C log setting as closely as possible. It will be interesting comparing this picture style with the real thing when it comes out in July.
The Canon announcement includes reference to a new "View Assist" setting that will show a "normal" looking image on the camera while recording log internally or outputting log video through the HDMI port. That is something that can be approximated with the display settings in Magic Lantern on certain cameras.

Note that on the 5D4 the HDMI output is still at best 1920x1080 8-bit 4:2:2 so 4k will still need to be recorded internally with the 8-bit Motion JPEG 4:2:2 at 500Mbit/s codec. Ideally the HDMI output would be 4k 10-bit (or higher) 4:4:4 so you can use an external recorder to capture broadcast ready 4k video.
If you want log media another option is to shoot MLV and apply a log DNG Camera Profile when creating your movie files. @Andy600 is the expert when it comes to that workflow.