Canon new codec?
 

I am not sure I understand this correctly. The codec use by Canon in the 5D is H.264 but seems to be totally different than the AVCHD codec. Is this a totally new codec? A radically new approach to encoding , and if so , how does it compare to the Pana 150 , or the HDV?
If it is a simple MOV file, does that mean no conversion necessary when working with Final Cut? Meaning no delay to start editing?

I believe the codec is essentially the same, it's only the wrapper that is different - AVCHD is h.264 saved as a transport stream while the 5D wraps it in a quicktime container, same codec either way. Yes, this does mean that it can be dropped into FCP and you can edit right away, with a few caveats. You don't get any RT effects with h.264, and you need a pretty fast machine to play it at full res smoothly.

The clips aren’t natively playable in the PS3 but Canon was smart using QuickTime. While everybody is waiting for Final Cut Pro to edit AVCHD natively, it’s already fully compatible with clips from the 5D Mark II. I wouldn’t be surprised if Canon's next professional camcorder uses QuickTime as well. Recording to both QuickTime and AVCHD is a great idea.

I read somewhere the bitrate for the Canon was 40mbps, if true it's almost double the Pana 150. Am I right?

Yes, it's approximately 40mbps. I don't think Canon has specified this but every test clip I've seen has been between 39-41mbs. Based on the 12 minute clip limit I would actually expect it to be closer to 45, so I personally think it's using VBR and high-motion clips may push up to 45, but as far as I know nobody has posted a camera native clip with a lot of detail and motion in it.

Evan, here is my source for the 40mbps:
Video test clips from Canon 5D Mark II gets analyzed