Raw video on 5d2 is amazing!!! Shooting raw dramatically improves the detail and dynamic range in each shot. Looking at theDNG files on Photoshop will blow your mind. Being able to color correct these clips with so much freedom is so refreshing. The quality of RAW files compared to the super compressed .H264 files is night and day.
Even though the new raw feature in magic lantern is great, there are some things that need to be fixed in order for this feature to be more reliable. Overall it has been an amazing experience shooting RAW and I have faith that Magic Lantern will improve this feature so that it is more usable in real world situations.
This is a step by step list that helped me with my workflow: http://www.cinema5d.com/?p=18065
shot on 5d mark ii using a canon FD 70-210mm lens
Color Corrected in Photoshop CS6
Color Graded using Film Convert