I've tested it only on 1.2.3, and I had better luck with a SD card. Of course, it will only record as much as it fits into RAM.
So, while the sensor and LiveView tasks can go to 40 fps, the bottleneck seems to be elsewhere (even the extra load on memory bus caused by fast CF writes can be too much).
On 5D3, the FPS you are starting from is not relevant, as long as you are in 1080p. On cameras with older FPS implementation, it is.