I'm mostly ignorant about using video on my 5d2, but I thought ML team members might enjoy the following ...
http://www.dpreview.com/news/2013/05/13/canon-magic-lantern-raw-video-canon-eos-5d-iii
references a glowing hands-on-review by Alex Reid:
http://www.eoshd.com/content/10324/big-news-hands-on-with-continuous-raw-recording-on-canon-5d-mark-iii
All the comments are like.. does it get hot... it looks the same on youtube at 240P, lol.
And no canon has no reason to sue... this is a reason for someone to buy the cameras... all around package, not just 1 tracked video or still. BMCC isn't going to go away either... they will just upgrade if anything.
Right now you cannot buy an equivalent to what this does. Maybe real pro stuff for 20K has 1/2 the features. BMCC is still more together and polished at the moment. If frame compression is possible then maybe BMCC has some competition.