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I've found you get a stop or stop and a half more highlight detail, but it becomes desaturated in the highlights. The image is sharper and the noise is more defined, easier to remove in post.
Take a JPEG and RAW shot with your t2i and compare what you get after pulling down highlight detail in ACR. The difference will be very similar to the improvement you can expect from the 5D in h264 and RAW. The 5D also has much better low light and slightly better DR (arguably) than the t2i and obviously no aliasing even in h264.
The workflow for RAW is borderline unusable last I checked, however.