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Magic Lantern 2.3 ( Paypal donation ) is an HDSLR hack for Canon cameras. It's a software layer over the usual camera functionalities. Stabilized 2.3 version is out, and it is a bless for your 5D MII ( and also 60D, 600D, 550D...). It gives any user a real video camera menu ( audio levels, color histograms ) and most of all new features like higher bitrate, Scope CropMarks, HDRI etc... It's a nice way to extend your 5D's service in the field. I just got back from a "real life" shoot with it and I must say this hack was a bless ! I much appreciated the exposure clipping on the image, the percentage picker which gives you an accurate keylight spotter and the aspect ratio locker via HDMI when you push the record button ( those who got fatter just by pressing rec will thank ML ). Also some may like the silence of the locked mirror during the whole shoot. Downsides are the lack of focus magnifier via HDMI, and the obnoxious re-install manipulation every time you grab a new CF Card. But let's face it ! Magic Lantern is a total no brainer for professional Directors searching for a better user experience.

 
Most professionals are now using the Technicolor Cinestyle for Canon DSLR to flatten their image and get the best of it in post. Unfortunately, the picture profile tends to add much noise and banding on high iso. This is why I started to use the Cinema picture profile. ( Cineplus.ch 19$). I must say I am quite satisfied by the result. Of course, you get less informations available for color correction. But let's face it, we did not have much juice to squeeze out anyhow from a compressed H264 codec. The Cinema picture style has a soft filmic latitude and mostly preserves skin tones at every color temperature, for a smoother less noisy image.