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Most people use the Neutral or Faithful picture styles. Usually with contrast all the way down and saturation about half way down. The idea is to capture the data and get a flat low contrast image that you can manipulate later. Out of the box the Standard picture style is high contrast, which looks neat but doesn't give you as many options in post.
In the Zacuto Shootout, Philip Bloom ended up recommending the Neutral picture style, with sharpness at 0, contrast at -4 and saturation at -2. This maximizes the dynamic range of the camera.
Personally after doing my own tests I decided to use the same contrast and saturation settings, but decided I liked the Faithful picture style instead.
Canon describes the Neutral picture style as providing the most exposure latitude, but describes the Faithful picture style as the most color accurate. If you shoot RAW photos you can use Canon's Digital Photo Professional after the fact and play with the picture styles and contrast/saturation settings there on the same image. In every test I did I ended up liking the skin tones better with Faithful every single time, and the latitude seemed very similar.
The 1/50 shutter speed rule is due to the 180 degree shutter rule. On film cameras, they have a rotating shutter. As it rotates, half of it obscures light and half of it lets light through. Changing the shutter speed affects motion blur, and many people prefer the 180 degree shutter setting because it is the most "film like". You can take the shutter speed lower to let in more light, but it will look more "video like". If you go the other direction with a higher shutter speed, the action will look choppier, like the war scenes in Saving Private Ryan.
If you are using canon's faithfull picture style note that it was calibrated for a color temperature of 5200k. So if you are shooting anything that isnt daylight I dont know how true the colors really are. You are better off sticking to neutral .