This is the second test I mentioned. This time, I'm using an external mic through a small mixer, then into the line in of the Canon 5D Mark 2. This time I applied some eq/compression/reverb, to test the overall quality if the signal a bit, and see how it can be adjusted.
The main thing to notice is the auto leveling of the audio, especially at the beginning and end of the piece. As the song ends, the camera auto-increases the gain to compensate for the lowering volume, ratcheting up the noise.
Unless Canon comes out with a firmware way of shutting off the auto leveling, it seems that the best solution for recording (music, at least) will be to pipe the mic signal into a portable recorder, and use the camera's audio to aid in syncing in post.
That said, it's recording the signal decently. Quality overall isn't bad at all.
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Me playin Peppino D'Agostino's "Lagavullin" again.
Oh, guitar is a Larrivee D-09.