Alistair,
Yes the transcoded ProRes 422 HQ file if very washed out, just like a typical log file.
I found the instructional video that I used 2.5 years ago to build a utility that converts Canon, Sony, Panasonic and other brand log files into ProRes 422 HQ files, which are 10-bit video files supported by Davinci Resolve free version (see below). At the 4:15 minute mark he talks about the ProRes 422 HQ codec.
Info below is taken from Apple's documentation about their ProRes codec...
Apple ProRes 422 HQ
Apple ProRes 422 HQ is a higher-data-rate version of Apple ProRes 422 that preserves visual quality at the same high level as Apple ProRes 4444 but for 4:2:2 image sources. With widespread adoption across the video post-production industry, Apple ProRes 422 HQ offers visually lossless preservation of the highest-quality professional HD video that a single-link HD-SDI signal can carry. This codec supports full-width, 4:2:2 video sources at 10-bit pixel depths, while remaining visually lossless through many generations of decoding and reencoding. The target data rate is approximately 220 Mbps at 1920x1080 and 29.97 fps.
-Rudy