According to a post over on EOSHD the 5 year old Canon 50D is now (Thanks to Magic Lantern) a cinema camera capable of shooting RAW 1080 video. That is quite a feat considering that the 50D most people own does not even have a video mode.
There is a catch though, as since the 50D did not have any video capabilities it also does not have any audio capabilities. Therefore the one caveat is that if you use this Magic Lantern hack and use your 50D for video you will need to record sound with another device. But being as most filmmakers do this in some way shape or form anyways that should not be a problem for most of you.
You can checkout some video footage below
If you would like to get your hands on a 50D before their price on the used market skyrockets you can check ebay. Or there are also some good (under $500) used prices available through Amazon as well.
I think that this is really cool. I am also very curious how Canon feels about their camera being used like this since the 50D was never designed for video. This could open up a whole new world for many filmmakers who maybe had a 50D or have the means to get one, but did not have the money to upgrade and get a body with video functionality.
**As with using any Magic Lantern Hack there is the possibility of causing damage to your camera that will likely not be covered under any warranties that you have. Use at your own rick**