Made a comparison clip that uses Rarevision's free 5DtoRGB transcoder (rarevision.com/5dtorgb/) with a native 7D h.264 .MOV file after seeing the video by Chris: vimeo.com/27562436
The clips through 2 color layer treatments at scale levels 1:1, 1.5:1, and 2:1.
7D picture profile was Normal. (I may do this again with the Technicolor CineStyle to see if I can notice more of a difference than what is seen here.)
Magic Bullet was used as the coloring plugin.
Edited in Adobe Premiere Pro CS5.
Conclusions: The file size jumped dramatically for this one clip, it went from 320 MB to 12.5 GB. I can only see a subtle difference within two color treatments on the footage. I imagine that with more treatments and effects added onto it, the compressed footage will fall apart in a more noticeable manner perhaps. I'll try that out later. But for now, the difference is almost negligible.
Am I missing anything here? Let me know.