Magic Lantern just made another awesome announcement via their Facebook page. One of their coders has implemented double buffering–which therefore results in less frame tearing. For those not in the know, frame tearing is when artifacts from a previous frame carry over to the next. It can be quite unsightly if you can spot it. However, the company has made great strides since first announcing that they found the CineDNG RAW video codec. Just the other day, they found a way to record the video output.
The footage above is from a 5D Mk II, and the footage looks buttery smooth. Way to go guys!
UPDATE: EOS HD says that it can go over 1080p!