If the .h264 is good enough for broadcast television and feature films**, then this, even though lower resolution, opens up a number of possibilities. There are "optical" ways to limit aliasing and and other issues, plus using higher resolution raw for shorter shots (planning) then this is a viable tool, even on the 600D/T3i. I've gotten wonderful results at higher resolutions in 720 mode, even with the line skipping, and using 40+ year old lenses minimizes the aliasing without additional filters. As with all tools, there is a time and place to use them. Forget about looking at 100% crops, look at the overall aesthetic of what you are shooting. Granted, the 600D/T3i is not as robust as the 7D or especially the 5DII or III, but for my purposes, which are primarily DVD, Standard Def Television, or web, this raw mode is a godsend. I will be using it for very specific purposes, such as greenscreen (where you can never have too much data, and shots that require high latitude. but for general shooting, I will likely stay with the .h264. Granted, the 600D is no 5D, but is close to the 7D in many ways with the exception of dual processors. Same line skipping, same codec, very similar latitude, and if you use high quality glass I would hazard a guess anyone would be hard pressed to tell the difference. I routinely crank up the bitrate (thanks ML team) for certain projects, and raw is just another tool. Remember, a few short years ago, many of us were either stuck with DV or HDV for professional work. Though I've used a Cine-Alta on a few occasions, there are far smaller, and more manageable cameras that yield similar if not superior quality these days. Just trying to keep perspective here.
**Canon DSLR's have been used on:
House - 5D Mark II
24 - 5D Mark II
127 Hours - Canon 1D Mark IV, Canon 5D Mark II, Canon 7D
Act of Valor - Canon 5D Mark II, Canon 7D, & Canon 1D Mark IV
The Avengers - Canon 5D Mark II & Canon 7D
Black Swan - Canon 7D & Canon 5D Mark II
Captain America - Canon 5D Mark II
Iron Man 2 - Canon 5D Mark II
Like Crazy - Canon 7D
The Pirates! Band of Misfits - Canon 5D Mark II
Red State - Canon 7D
Red Tails - Canon 1D Mark IV, Canon 5D Mark II, & Canon 7D
etc...