Yes i have owned the SR12 and T2i and now the GH2, the SR12 has sharper video but the T2i will give better color and low light, the GH2 is sharper than either of the others with great color as well, the advantage of the GH2 is it has many extra options like good AF/ E-T-C. panning with the GH2 is much smoother than the T2i,there is a greater choice of lenses with the canon though.

Oh man, you're right Keith, I'm sorry about that!! I was thinking about the 1/8" microphone jack on the camera. See?? I told you I don't mess with the audio on the camera, hehehe

@Martyn Hull

Which one would u suggest me then? 550D here in my country is on 870$, if i have to purchase GH2, dat i have to buy from U.S which is about 250$ more and will get it like after 3 months since 1 of my friend will be coming form there by then. The main reason i am shifting to DSLR is low light and dof, i will be using manual focus mostly and no fast panning.

So wat do u say, is GH2 worth the wait and xtra money? or is 550d more then enough for me?

Also if we step back a little and calculate the price including the cam+lens+support rig etc its around 2000$ in total or maybe a bit more so this brings in the question whether i should be spending that much money on a DSLR setup or on a camcorder like Sony Nex VG10?

Buy the GH2. The 'good' lenses for the GH2 are cheaper that its canon counterparts. Also, you can use Canon, Leica and Nikon lenses on your GH2 if you want to rent them. The GH2 beats the 550D (it beats the 7D too) in video mode.

Don't waste money on the 550D or 60D.

However, my honest suggestion is to not buy a camera until someone pays you for it. If you're not getting money then it will be cheaper to rent equipment (whatever you get), and spend the remainder of the budget on better sets, costumes and lighting; and more shooting time.

People can tell you what to buy but all i can say is for video use the GH2 is better.

Sareesh, the 550D is HARDLY a waste of money. It takes great video and I've had no problems with it whatsoever.

Guys i need a solid answer to my 550D vs GH2 vs VG10 question asap. One of my family member is coming back from U.S in next 4-5 days and i need to decide on the cam, if GH2 has to be bought then i am gona have to get it form there.

1 question which is bugging me is the micro 4/3 size vs 4/3. Since i am very new to these dslr stuff, i wana know which one is better for shooting is small space like a small room etc, with my sr11 i used the wide angle lens which was enough for me in tight locations. So how far would i need to step back with micro 4/3 vs 4/3..

I don't think I understand what you are talking about with the m4/3rds vs 4/3rds dillema.

The GH2 is m4/3rds and the other two have APS-C sized sensors.
The GH2 is a better camera overall but i'm not sure it will be available. It's in short supply almost everywhere.
The 550D (T2i in the US) is a great camera and with the Magic lantern firmware it will do almost everything you would like from a camera in that class.
The Sony is not even close in my humble opinion. The only Sony I would ever get is the a33/a55 because of the ultra fast and accurate AF that I need sometimes. I would not use that camera as my main camera though. Only as an additional tool for those occations that call for it.

Wide angle lenses are available for all of them.

hmmm well GH2 certainly is not available as far as i checked out earlier, this means its now gona cost me about 1200$ if i get it from u.k. Now its about 330$ difference btw 550D(local) and GH2(u.k) which is quite some difference.

any one knows any online store having GH2 in stock ?

This one says they have one left in stock:

hmm thanx but i dont think it will reach on time since they say it may need 2 days for processing only and plus shipping it will be very tight to reach on time, so dont wana take this risk.

One thing you have to consider is that while the Canon can be set to NTSC or PAL (thus 30/60p or 25/50p) on the fly, the Panasonic comes at NTSC OR PAL version. That means that unless you shoot at 24p if you want to match frame rates with other existing cameras you have to think about which version you want before you buy. The US version is NTSC.

Compare the Canon EOS 550D vs Panasonic Lumix DMC-GH2

Nice summary. Both great cameras. Don't underestimate a 550d with Magic Lantern. Hard to beat. Once you've worked with the peaking filter, spot meter, rack focus, waveform, zebras and histogram to mention a few cool features, you won't want to go back. And there is much more in the pipeline.

I would favour a hacked GH1 over the GH2 at the moment, as the video quality is supposed to be very good.

Magic lantern gives you headphone monitoring, but via the USB, for which it is difficult to source the right connector at the moment.

I use a zoom H2 as an external mic. With the gain set as low as possible on the 550d you get a clean signal with some versatile options.

550D seems to have more accessories and lenses available at the moment but the way GH2 can auto focus with video as well as the way it records the footage it eliminates moire and alias as it doesn't pixel/line skip like the 550D, so there are pros and cons for both. That being said if you learn how your camera works you can usually work around the cons by how you use it.

If you're on a budget, go for the cheaper option and if you require some lens, check out second hand M42 for the 550D, they might work on GH2 as well. You can usually get some fast M42 (1.8 - 2.8) for around £20 a lens on ebay.

Well i have decided to go for Canon 550D as instead of selling my Sony SR11 i am keeping it for event coverage etc so now budget aint the same as before.

@Matt Thomas
i have no clue wat m42 is, i guess its an adapter for some lenses but can u explain in a bit detail. i am thinking about buying the Tokina 11-16mm f/2.8 wide lens in near future.