40D is not going to have video, it has not that much cpu power, nor hardware for that, in 50D case the feature (h264 encoding) was there, just not enabled. Other thing is that 40D is VxWorks so that is different platform at all.
for time lapses tough 40D is grate, I own one, and I would like to have histograms, intervalometer, bulb timer, dual iso there - but it seams that those few capable of doing this are not owning a 40D, so thus no progress. Sadly CHSDK says that 40D is to pro for them. so we are stuck in between.