This video is a result of experimenting with the Magic Lantern RAW video option for the Canon 550D. There were no issues loading the hack. The biggest issue has to do with datarate from the camera to the SDHC card. Magic Lantern provides information for each frame size and rate relating to the amount of data throughput needed at the bottom of the menu. Once you have recorded a few shots, the datarate lettering turns green at the bottom to let you know that your camera seems to be able to handle continuous video at that frame size and rate. Otherwise, you run out of data once the buffer is full. That meant about 2 seconds at 1152 x 656 here. The clip would stop at that point. If your card is fast enough, it will continue longer or keep going for some time. With a standard Transcend class 10 SDHC card, I was able to record around 13 MB/s continuously, however, it would stall occasionally or skip a frame.
I also noticed that the frame size was cropped from the 1920 x 1080 frame the 550D is normally capable of recording. So, if you can only record 960 x 544 video, it will be cropped down from what you are seeing in the viewfinder. I was unable to find a place in the software that would frame out the part of the screen I could not record at that cropped frame size. That means you have to guess where you think the crop is going to take place.
Overall, I was pleased with the quality of video coming out of the camera, though at smaller frame sizes. The process after recording is to copy your RAW video file into a folder on your PC that also has inside the program Raw2DNG.exe. You can download this program from the Web. Drop your RAW file icon onto the .exe file and click Okay to the alert window. The command prompt will open and run the software, creating the DNG files from the video frames. You can take the files into Photoshop, or better yet, import them into After Effects as an image sequence. After Effects treats it like any other RAW footage and allows you to make adjustments to the clip using Adobe's Raw controls. After I did that, I laid out the clips on the comp. timeline and exported them using uncompressed AVI. I used a 1280 x 720 comp size. Then, in Premiere i added the graphics for information along with some music. Magic Lantern has the option of recording audio with your RAW video, but I didn't try that option here. The next step is to get a faster SDHC card and see if that helps at all. If not, the RAW function on the 550D is not very helpful at these small frame sizes. The crop also makes it hard to know what you are shooting exactly. At the end of the video, I have one clip that was shot at the highest ISO indoors so you can see what that looks like. No real benefit here as noise was everywhere. I also noticed no advantage to RAW when it comes to moire effects. The biggest benefit is the ability to tweak the video further and to have more data to work with. The inherent limitations of the 550D are still there - but for the price, it's been a great camera. A big thanks to the Magic Lantern people for working on this hack.
UPDATE: After updating the version of ML for RAW on my camera, I was able to use additional tweaks to get more resolution. One way to do this is reduce the frame rate to 18 or 20 frames. You can also adjust the aspect ratio to get more out of the camera. Using a faster card also helped somewhat, but not much. If this subject interests you, go to http://www.magiclantern.fm/forum/index.php?topic=5582.0 for a thread on the 550D raw issue. Many camera users are working with the hack to get more out of the camera. I also need to mention that when shooting in crop modes, there is now a white frame that lets you know where your boundary is while shooting. Very helpful. Maybe down the road, enough tweaks can be made to shoot at 720p continuous 24 fps.
As for me, I am preferring to use the increased datarate offered by ML for normal video shooting. With my new memory card (up to 85 MB/s) I can push the T2i to record at the 66 Mb/s rate. That's at the normal 1080p mode. You don't get the nice RAW controls, but you do get more pixels. It really depends on what you need. If you don't need HD, then RAW standard definition can be had by the T2i, and it looks great. Good luck to you all trying to get the most out of your Canon cameras.