Based on the official Canon manual:

It has 720/60p and 720/50p (page 132).
It will have the same HDMI out functionality as the 7D and the 1DmkIV.
Recording lengths and bitrates are the same as 7D and 1DmkIV.

any idea on a release date yet?

Apparantly it comes out in the UK on Feb 28th,

I was all set to buy a 7d (for 90% video) so if the video mode on the 550d is the same as the 7d, i think I'll get the 550 and put the rest to lenses

Exactly what I plan to do as well. Although, a 7D is still tempting for me because I can make it my main wedding still camera, and use it as another cam for videos when I need it.

My plan is to go with the Rebel to get my foot in the door with DSLR video and spend the cash I save on lenses and stabilizers. Then when ever canon finally releases the new revised 5MK2, whether that means just a firmware update or a total body revision, I pick up one of those as a primary still/video camera. Because I still like the idea of the full frame sensor for its low light qualities and its awesome bokeh.

A very good plan and one I'm sure others will follow!

For me the T2i will get the job done until something better comes along. It's cheaper and has zero light loss compared to a quality 35mm adapter. As Chris has pointed out it does not replace a small sensor camcorder for those of use who do not always want shallow DOF. It's a very nice tool to have in you bag, especially for those of us who own Canon L glass. As a happy 30D owner (for stills) I know that change will be very rapid. Who knows what the 60D will be???

I plan on getting a 550D (T2i) as a backup/B-cam for my EX1. It's compact, light and cheap.

Although there's no way I'm giving up my EX1 I'm sure there will be times when the 550D will be advantageous over the EX1 (such as in tight spaces, discrete shooting or in low light). Also, it means if I want to do something quick or just a personal video, I don't have to carry around my chunkier EX1 kit (although I'm sure it's not as big as Andy's EX3 kit! :P).

I'm 100% sold on this camera, looks fantastic for the price. Was going to pick up a 7D but can now put the difference into a rack/mount. My sister is a photographer and has a ton of lenses, will be fun.

Will be a neat compliment to my Z7U.

I'm ready for the release......

I'm also pretty much sold on it. This is what I was waiting for- if the focus is still wonky (i.e. no good way to focus) at least i'm spending 800 bucks on something that 99% of the time is going to look just as good as the 5D. For fine art still photography, I've got my old 35 film cameras, which still can't be beat. For quick digital shots, the rebel works great. And for video, which is the real reason to get this, can anyone really say the 5D is a better purchase? That's not a rhetorical question. The full frame sensor is no big advantage for HD video, the body is better built, sure, but...

Well, the benefit of the 5D falls is in sensor size, and attendant depth of field decrease for those looking for that. It is actually shallower than a 35mm cinema film camera which the T2i will approximate better.

Also, in the 5D, you have wider access to faster lenses, including fast 50 mm Nikons to adapt on for a song off the internet. Sure you can do the same with the T2i ( I assume adapters will work with them too) But your normal 50 mm, will become a short tele, and getting a fast (1.4 or faster) normal will cost a lot more. In addition, I don't think there is any dispute that the 5D is a bit better in low light situations (producing less noise), given its sensor size.

Despite that, I will be grabbing one the T2i's to compliment my 5D. For non professional film making enthusiast this is a great opportunity, Canon bringing another major coup to this crazy film making market on a level similar to the HV20 when it came out.

Is the 5D2 the better purchase for video?

On the "yes" side:
* Full frame is better suited to fast primes.
* It's got slightly better noise rejection.
* You can run Magic Lantern to fix the audio gain, provide zebras, etc.

On the "no" side:
* It costs much more.
* If you shoot sports or wildlife, a crop sensor gives more reach.
* It still doesn't run 24/25p. It should soon. :)
* We're not sure if the new firmware will offer 720p50/60 or HD out from the HDMI port when recording.
* Did I mention the cost? ;)

my wish list is built at BH...just need to hit the "move to cart" button when that shows up!
Same plan here, keeping the video camera and this will be a backup/specialty shot plus will teach me about lenses and photography which can only make me better in the long run! Then I can get in to (more likely rent without looking like an idiot!) more serious equipment!

I've not looked into rigs for DSLRs yet, searching through threads here. Anyone have one they're planning to use with the T2i?

I wouldn't pay almost 3 times the amount of the 500D/T2i for something that does a similar job. That's just me personally and I couldn't justify buying the 5D mkII (or even the 7D) when I already have a video camera and don't need the benefits of a full frame sensor.

I think Canon's done a great job with the 550D/T2i's position in the market... I'd wager that for people like us wanting a video camera (as opposed to a stills camera) that they'd sell 3 times the units than the twice-the-price 7D. The price point applies to people like me who otherwise wouldn't be in the market for a camera and I've seen some talk in this thread of buying two with the money that you'd be spending on the 7D.

The 5D mkII still has a place in the video market but I'm a little bit scared for the 7D.