A month ago I decided to put this piece on the ideal way to set up your Canon 5D MKII for video. I had an inclination that the release of the 5D MKIII was imminent - but these settings and principles behind them (although the menus will change) will more than likely apply just as well to that camera. These settings also apply to all Canon HDSLRs as well. I make sure to set up all of my cameras to the exact same picture profile and settings at the start of any shoot (and to ensure that the color temperature settings and exposure setting are identical as well) during multi-cam shoots.
The 5D MKII came out nearly 4 years ago - but this is still one of the single most common questions I get to this day as new people are continually entering the HDSLR world. I also find that many professionals aren't aware of many of these settings themselves and I thought: "Better late than never." So here are the settings that I have used with the Canon 5D MKII - and a comparison between the standard picture profile, the profile I recommend, and the Technicolor profile with some examples on grading. (INFO on where to download the Technicolor profile - instructions on how to install from Technicolor and LUT buddy.)
Hop on over to the blog to read the full article, along with a detailed written description of why these settings are used.