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Convergent Design's Gemini will record Canon RAW with a paid firmware update. $6k for the recorder, $2.5k for the Canon RAW firmware update. AJA's Ki Pro Quad should also support the C500's RAW output as well when it is released later this year @ $4k: http://www.aja.com/en/articles/175/
Here's how 120fps 4K RAW works, according to the specs page on B&H's C500 listing
RAW 4K OutputUsing a single 3G-SDI output, the C500 is able to output a full 4K RAW (4096 x 2160-pixel) data stream in 10-bit color space, with full Bayer encoding and frame rates up to 60 fps. Using both of the camera's 3G-SDI outputs, the frame rate can jump as high as 120 fps, but with the horizontal resolution reduced by half and then interpolated back in.
source: http://www.bhphotovideo.com/c/product/855975-REG/Canon_EOS_C500_Cinema_EOS.html
What hasn't been pointed out is that if you do the math on 4K output using a single 3G-SDI out, the sampling rate is only 2:1:1 at any frame rate. So, 10-bit color space, but low luma and chroma sampling rate. This harkens back to the days of HDCAM 3:1:1.
There's no color sampling on raw data...it's just the 4k sensor readings (so it should only take up as much data as a monochrome 4k image). It'll be debayered on the editing system.
Thanks, you're right. I meant 2K component that is claimed to be 4:2:2 sampling rate at 10 or 12-bit. This is really 2:1:1, according to a DIT that I trust.