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I wouldn't get too excited over the codec just yet, not until I see some MOV files for myself.
They say D4 is freeHDMI output will be 1080, but not clean. Larry from canon rated moire between the mark II and III as: scale of 1-10 (10 being worst) 5dmk2 an 8, 5dmk3 a 2.
http://vimeo.com/37774220
Well seen.Add a few hundred for a new viewfinder
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I actually really like the 5dii codec as is (not prefect but good), so if they're doubling the rate.... that works here! Anything but 24mbps AVCHD, seriously.

Not bad. Screen shot of the fast pan towards the end of the video.
5dmkIII - Whip Pan - Rolling Shutter by onesielaff, on Flickr
That is definitely improved. Previous Canons other than 5DII's 1080p were decidedly bad. So finally the Canon's 720/60p camera? : ) I bet 1080p won't bring so many surprises as far as IQ concerns, but I can be wrong.Keep in mind a majority of that video is shot 720/60.