It's still very early days... but today the Magic Lantern crew posted that they have made the first breakthrough. "Hello World!" displaying on the 5DMkIII LCD is a small but very significant step. Now, as to what kind of additional functionality they might be able to get running on the 5DMkIII we'll have to wait and see. I'm sure many of you have a long wish list - be patient!

As always, information is on their official site, link below.

Magic Lantern Firmware Wiki (http://magiclantern.wikia.com/wiki/Magic_Lantern_Firmware_Wiki)

Thanks for the update. This is great news. It will be interesting to see what they are able to do with it.