From what i've seen so far its 1080p, 30fps, 24mbps.
Going for the cinematic look may prove difficult because dropping the framerate down in post wont work out well.
To make the spark as small and power efficient as possible while maintaining great looking video I think DJI had to make a compromise here and I think they made a good choice. Higher bitrates and framerates would have meant more powerful encrypting hardware, using more power and reducing flight time. 24fps is used more to get a cinematic look to footage and requires a bit more creative control over shutter speeds etc to maintain that cinematic look. The average person who has the spark wont be using it for making movies. Its going to be for social media and youtube posts.
The 30fps is a good standard globally because its not like back in the day when PAL 25fps and NTSC 29.97fps were the standard. This footage is going to be shown across the internet where 30fps is kind of the standard globally. As for the 24mbps bitrate, its a great compromise, anything higher means more power use but at 24mbps it gives a bit of headroom for bedroom editors to do their thing ready for uploading to youtube which re-encodes video to about 8-10mbps anyway.
It would be nice of them to give us the choice of manual settings where 1080p 24fps and a variable shutter speed starting at 50 would be great for us movie makers but ND filters would be needed.
As much as I love using my phantom to capture great cinematic footage its bulky to carry about and requires a bit of planning for the shot. I would love to be able to whip the spark out of my camera bag to grab a quick bit of B roll I can use later.