Two things about that video cracked me up. First off, labeling the f/1.9 aperture as "conventional". Second, the S6 clearly had better and more natural colors than the G4. The G4 was unnaturally red and orange.
In the AMA thread for the G4, there are two low light samples of a motorcycle, and again the S6 was better with more detail. It had the slight yellow push, but it wasn't murky like the G4 sample.
Actually, I think they were refering to conventional vs. the "color spectrum sensor" in the G4, also, regarding color "unnaturally red", if you believe what the demo guy is saying, the actual light in the box matches the LG color. He pointed out that the G6 and the iPhone "corrected" the light cast, whereas the LG gave the actual representation of the color in the box.
The LG definately looked like it had less noise and more detail. Colors we will have to wait and see if it is true or not. Additionally, the 3 axis OIS should provide additional benefit that is not seen here, as these are esentially tripod shots.
Regarding the motorcyce shot, it looked like the LG colors were better, but the noise reduction was to heavy, resulting in a smearing of detail, vs. the S6 which had more visible noise, but less smearing and more detail. The good thing though is that the G4 can output raw files which should allow you to tweak the noise/detail trade off better than a straight jpeg from either phone.
But again, time will tell if the LG truly delivers what they are advertising.