Magic Lantern update coming soon...

The footage looks great.
You do know that Magic Lantern doesn't improve the image quality one iota? Unlike the hack for the GH2 Magic Lantern is all about adding functionality which I suppose ultimately will enable you to more reliably get good images but that's it.
 
There are some IQ improvements, but you could argue they're somewhat minor, or, more accurately, relevant only for some special situations. For example, a1ex has done a lot of research into how the ISO works, and has implemented lots of small tweaks and controls to get as little noise as possible, and as much DR as possible, out of the camera: http://magiclantern.wikia.com/wiki/ISO
 
You do know that Magic Lantern doesn't improve the image quality one iota? Unlike the hack for the GH2 Magic Lantern is all about adding functionality which I suppose ultimately will enable you to more reliably get good images but that's it.

Apparently that has now changed with this new version. From the release notes: "Okay, I know you won't believe this one. We can improve video image quality - not by much, but you will get cleaner shadows, smoother highlight rolloff, and cleaner ISOs".

Magic Lantern will now increase the dynamic range of supported cameras - translation here. Bravo a1ex!
 
For shooting footage for which the final look is dark, I recommend trying to expose it to the right (so it looks bright), and darken it with a negative digital ISO factor from ML. You may be surprised about how low the noise is (although I don't have any nice tests to back this up yet).

And besides the cleaner ISOs, you can get 1/25 shutter speed in 25p and 24p, which is 1/3-stop better in low-light, compared to 1/30.

I expect to be able to fine-tune the sharpness on 5D Mark III. There is an image effect in this update (Image Effects -> Cartoon Look) which is actually done by cranking one of the sharpness parameters to the maximum. The effect is pretty interesting, but aside from the fun part, it might tell something about Canon's sharpening algorithm (which is hidden in the image processor).
 
For shooting footage for which the final look is dark, I recommend trying to expose it to the right (so it looks bright), and darken it with a negative digital ISO factor from ML. You may be surprised about how low the noise is (although I don't have any nice tests to back this up yet).

And besides the cleaner ISOs, you can get 1/25 shutter speed in 25p and 24p, which is 1/3-stop better in low-light, compared to 1/30.

I expect to be able to fine-tune the sharpness on 5D Mark III. There is an image effect in this update (Image Effects -> Cartoon Look) which is actually done by cranking one of the sharpness parameters to the maximum. The effect is pretty interesting, but aside from the fun part, it might tell something about Canon's sharpening algorithm (which is hidden in the image processor).


Is it even possible to achieve IQ like the Gh2 Hack, if so why not? I'm getting ready to sell my Canon because of the insane quality of the GH2 hack.
 
I'm not familiar with GH2 hacks, but as far as I know, the 5D3 has similar detail in video mode. With 5D2 and AA filter you can also have much better video quality than with stock 5D2. I don't know how that compares with GH2.
 
For example, a1ex has done a lot of research into how the ISO works, and has implemented lots of small tweaks and controls to get as little noise as possible, and as much DR as possible, out of the camera: http://magiclantern.wikia.com/wiki/ISO

Great stuff!

But there were some weird things there too. Pulling the image digitally does not mean that highlights should be the same on ISO 160 or 200. That's because the camera has more dynamic range than the 8bit encoded movie shows. ISO 160 is basically 200 just pulled down. So where does it get that highlight detail? It's always there. You can pull ISO 200 down in Lightroom and get those same highlights from RAW.
 
ISO 200 has a bit of highlight detail which is lost in movie mode, but is there in RAW. Canon's ISO 160 pushes the curve a bit in highlight area, to make things white (at 255). ML ISO 160 does not push the curve, but the brightest white may be just a bit under 255 (maybe at 253 or something - depending on picture style and other settings like HTP).
 
Is it even possible to achieve IQ like the Gh2 Hack, if so why not? I'm getting ready to sell my Canon because of the insane quality of the GH2 hack.
The GH2 hacked or not has superior resolution to the 5D2/5D3. In every other regard to my eyes the image quality is inferior (dynamic range, colour rendition etc). The images from the 5D2/5D3 particularly close-ups of people just look nicer.
 
Apparently that has now changed with this new version. From the release notes: "Okay, I know you won't believe this one. We can improve video image quality - not by much, but you will get cleaner shadows, smoother highlight rolloff, and cleaner ISOs".

Magic Lantern will now increase the dynamic range of supported cameras - translation here. Bravo a1ex!
I stand corrected although any improvements are likely to be pretty marginal. Just like people obsessing about only using ISOs that are multiples of 160 (or not) when it's far more important to get the image exposed correctly than worry whether you are using ISO160 or ISO200.
 
The GH2 hacked or not has superior resolution to the 5D2/5D3. In every other regard to my eyes the image quality is inferior (dynamic range, colour rendition etc). The images from the 5D2/5D3 particularly close-ups of people just look nicer.

I love the Canon colors as well, but we all know that can be manipulated in post. Now regarding up close shots I think both cameras looks great. The DOF of the 5d though imo makes it look very cinematic but recently I have seen some very nice footage of the gh2 as well. Overall I would probably chose the 5d3 as it's a better photo camera with great video, but for the price I honestly feel the Gh2 with the hack might be the best option for now. Unlike the Canon dslrs where you really can't do wide shots , the gh2 handles them no problem ( with the hack)
 
The update will be free (as in free beer) for everybody from August 13. If you can compile it yourself, then it's already free for you ;)
 
This thread is about Magic Lantern, not about the GH2 or comparisons of it to Canon. There are plenty of other threads for that. Please don't dump on a1ex's thread.

No one's dumping on his thread and my response was to yours. Now if your not adult enough to feel that you can talk about one camera in comparison and feel I cannot reply now, then it's time to log off of the internet. I know what this thread is about and thank A1ex for such amazing work, but you need to learn to take and receive comments especially when YOU were the one who felt the need to come in and talk when I was talking to A1ex. If you want to stay on "topic" as you say then you do the same...
 
No one's dumping on his thread and my response was to yours. Now if your not adult enough to feel that you can talk about one camera in comparison and feel I cannot reply now, then it's time to log off of the internet. I know what this thread is about and thank A1ex for such amazing work, but you need to learn to take and receive comments especially when YOU were the one who felt the need to come in and talk when I was talking to A1ex. If you want to stay on "topic" as you say then you do the same...

I think you may have me confused with somebody else.
 
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