XAVC is a recording format introduced by Sony which can support 4K resolution at 60 frames per second. Colour sampling can be 4:2:0, 4:2:2 or 4:4:4 at 8-bits, 10-bits, or 12-bits. XAVC uses an MXF wrapper whereas the consumer version XAVC-S is an MPEG4 wrapper. XAVC allows for both intra frame and inter frame (long group of pictures) recording. If you are the sort of person who is turned on by phrases like MPEG4 wrapping, Sequence Parameter Set and flexible data payload you can download the technical white paper here.
Camera Utility 2.0 adds 12bit ProRes 444 up to 60 frames per second in UHD (3840 x 2160p) to the URSA, in addition to 80fps in 1080p. With this latest update, the URSA becomes even more flexible and we can definitely see this camera getting more and more production and post-production friendly as 12bit ProRes 444 is a very popular VFX workflow codec.