Has the 55 second RAW limit be fixed? Because it really isn't that useful except for making montage or comparison videos.
This is a complicated question because the RAW limit exists for different reasons, some of which have been addressed, others not.
First reason: File system file size limits (i.e. FAT32 @ ~4gb). This has been addressed. On the mk3, I think it's as simple as formatting the card with exFAT. On the mk2 (what I use), there's a new build of the RAW record module ( http://www.magiclantern.fm/forum/index.php?topic=5655.0 ) that automatically splits the RAW recording into another file once it reaches about 3.7gb. Once you're back on your computer, you combine the two files (they will have names like M0000001.RAW, M0000001.R01, M0000001.R02) into one large file that you then feed to RAW2dng. I use the cat command in Terminal on my Mac to do it (cat raw1.raw raw1.r01 raw1.r02 > raw1-combined.raw).
Second reason: Exceeding the CF card's buffer. This still happens if the resolution you choose exceeds the capabilities of your card/camera to keep up. The mk3 seems to be able to write to the CF card faster than the mk2 even with the same CF card, so it's possibly hardware limited. So depending on what settings and camera and card, you might still hit recording time limits. But the ML interface is very good at letting you preview the speeds needed for each setting and benchmarking your card to see what it can handle. Plus there is a setting now that ends the recording as soon as the first dropped frame occurs, so you don't waste time on bogus takes.
Things are changing fast but in short, yes, it's getting a lot more usable now than just a week ago.