I haven't done the re-wrap since I got NeoScene...

Anyway, you can open a *.MOV file from the camera in Quicktime and save it as an MP4 (or is it M4V?) without re-encoding the file. Opening the file in Vegas gives video without crushed blacks. However, it's still really slow to edit the native files. I recommend NeoScene as it fixes the crushed blacks, slows the video to 29.97fps, and provides a great intermediate format for smooth editing. Unless you use ProRes, NeoScene is a must-buy for the 5D2.