I finally got the opportunity to play around with the new 5D Mark II, and specifically it's support for 1080p HD video.
The video quality is incredible! It easily outperforms my dedicated 'HD' camcorder and breathes new life into video work. Because you can still use all of your current lenses, you have the opportunity for incredible shots with very shallow focus/depth of field. Getting those types of shots were unheard of unless you spent thousands of dollars on high end video cameras and lenses.
The only downside, if there is one, is that autofocus doesn't work too well, so you end up switching to manual. Great for locked-off shots of the river, but bad for any sort of movement. However, some companies have already started offering video gear packages that attach to the camera and allow for more controlled focus.
Here's a short video of Brandon and his grandfather enjoying some ice cream:
The big debate right now is 'where does all this fit in with professional photography?'. Some think that photography will shift from a still medium to a still/video hybrid. I am not sure - I certainly don't want to be editing hours of wedding footage, even if it brings in more money. The time-cost vs. the benefit doesn't match up right now.
I think in the near term you will see a lot of short-form videos like the one above. You'll also see films done completely with the 5D Mark II. But whether a photographer will change his mindset for each and every shoot is a mystery to me.
If you're interested, there's a 5D Mark II video group on Vimeo. You can find a lot of great work there.
Also, a big shout out to Grandpa Tony from the above video - he just went through some surgery today and came out with flying colors!