I tested the feature in the weekend on my 600d. I used different settings an am amazed by the quality.
At the moment, the camera fills the buffer and writes to card after the burst is completed i.e. the buffer is full. So no matter how fast the SC-Dard in the camera is, you always get a constant frame number depending on the settings chosen initially. I used two fast San Disk SDHC cards (Extreme II and Extereme HD) as well as a very slow 512 MB SD card. The results are the same.
Is there a way to write from the buffer to the card while filling it in parallel? This should squeeze some more frames out. I'll take even 10 more frames

And for time lapse photography, that should be the way to go.
I also used 12 fps and tried to double that in after effects by frame interpolation. Sometimes, that works but not for fast movement. It looks super-weird then...