As you know, a while ago I've
got a used 500D for the purpose of studying how to reflash it (that is, brick it somehow and then attempt to recover it). I'm not exactly there yet with understanding Canon's startup process (some progress
here and
here), so meanwhile I've ironed out some ML bugs.
The new installer is working (starting from April 22, 2014), so you can install it directly from
nightly builds. Therefore, the install process is now as simple as:
Installation:1) Format the card from the camera.
2) Make sure you are running Canon firmware
1.1.1.
3) Copy
ML files on the card and run Firmware Update.
Uninstallation:1) Run Firmware Update from your ML card.
2) Follow the instructions.

Raw video (the old-style
raw_rec) is also working (starting from today, May 14). Please discuss raw recording usage in the
Raw Video section, not here.
You should not expect ML for 500D to be as polished as on the larger cameras, but it's pretty good as a development platform, and fairly cheap if you want to do dangerous experiments on it.
Don't just report issues. Go ahead and fix them!
(
start here, and once you fix or improve something, follow
this tutorial to submit your contribution)