A lot of misunderstanding there, so to clarify things a bit :
-Noise reduction is usually not an issue when shooting stills in RAW because there is no noise reduction in the RAW files. I have not yet tested RAW stills on my S5II but I will be surprised if Panasonic added baked in noise reduction inside them.
The real issue is with video and most profiles. Compared to the first S5 and the S1, there is a big difference, the more you crop the more you can see the difference. On this video a 200% crop has been applied :
You can see how much the S5II smooths details compared to the S5 in low light. Contrary to what CharlesH said, the difference is pretty obvious, the S5II standard profiles uses more or less the same amount of noise reduction than Sony cameras, even more at low ISO.
-On the video posted above (with the girl reading a book) in 6K 25P, it looks good because there is no crop and the video has been shot in 6K (and maybe the ISO are not so high too).
Again the more you crop and/or bump your ISO, the more you can see the difference in fine details compared to previous S cameras. Also 6K has more details than 4K so it helps a bit to retains fine details when the video is downsampled to 4K even with the massive noise reduction. However, from my test between the S5II and S1, the S1 also looks better in low light with the standard profiles in 6K, much less noise reduction and more details.
-V-Log profile has not the same amount of noise reduction of the standard profiles. It looks pretty much the same than the S5 and S1, it's a good news. However if you set the sharpening at +10, it will not sharpen the footage in the same way than the S5 and S1, certainly because of the use of 2D/3D sharpening and noise reduction.
Some people can see banding in V-Log compared to the S5 and S1, I haven't seen banding yet but I saw some exemples of the issue.
However the grain structure is not quite the same, the S5II has more colored noise (chroma noise) compared to the S5.
-V-Log is noisier than the standard profiles because it uses the more DR coming from the sensor as possible, it uses a different kind of exposure control to achieve a wide dynamic range. In order to achieve this wide dynamic range, the camera controls the exposure differently than when recording with standard profiles. This makes the minimum available ISO sensitivity of the camera higher (in the case of V-Log : ISO 640, as opposed to standard profiles : ISO 100). So noise will be more visible on V-Log.
And again, contrary to CharlesH said, this is not because of noise reduction, it is because of the different exposure and ISO used by the V-Log profile. On the S5, there is almost zero noise reduction on the standard profiles and yet there is less noise than V-Log, I can't see any noise reduction on the S5 standard profiles compared to V-LOG on the two video I've posted. This is not true anymore on the S5II because the standard profiles use a lot of noise reduction, the images speak from themselve.
Sure, by exemple, you can apply a S curve to your footage to help to reduce noise, but V-Log will still be noisier than the standard profiles.
The only way to get a V-Log footage almost as clean as the standard profiles is to overexpose by two stops, but doing this you need more light, so it is not the best profile for low light if you want very low noise and the best details as possible (at least on the S5, because the S5II has now too much NR with most profiles and some fine details are destroyed), it is the best profile if you want the best dynamic range.