Not really tried this type of street photography before, mainly as I have only used SLR type cameras till now for street photography
I have decided that "square format" is the best way to shoot, as the GRD IV can only really be shot "on its side" when shooting from the hip, so I would end up with all my shots being in "portrait" mode.
I'm not really a fan of portrait mode shots, so square format seems the best bet.
The Ricoh GRD IV has the ability to shoot RAW (DNG) files that are square - don't think I have had a camera before that allows this.
Shooting from the hip is one of the most controversial subjects amongst street photographers, and I can see that relying on it solely could end up with a lot of similar looking shots.
I think it is a useful method to learn to use, and it is not easy, so is a skill in itself.