I'm excited, but a little uncertain / lost, as I've never shot RAW before, and really only ever used a t3i for video / photo. I did use ML a good bit, just not the RAW module.
Well first things first learning ML on the T3i took some getting used to. Unlearning some of what I learned and figuring out the 50D was a lot more painful. I was actually going to write a guide and put it in this thread to address some of the early pitfalls.
The first thing for raw is get a Komputerbay 64 gb x1000 card. They are relatively cheap and they hit the speed targets you need for raw. Second thing is to make sure you get a 32gb or smaller CF card. You can't install ML the first time with a 64 GB card. I just got a 4gb Sandisk card for that purpose.
Next if you want to do 1920x1080p 23.976 fps that only works in cropped mode. Okay, how do you get to cropped mode? When you are in live view press the button in the far right upper corner. It has a little blue magnified glass with a plus in it as a label. It took me awhile to figure out how to get into this crop mode everyone was talking about.
On the T3i I use the zebras to expose till the highlights are barely clipping or about to clip. On the 50D I use the histogram and EV value. I try to get the historgram as far to the right as possible and make the EV value 0 or as close to zero as I can without clipping highlights.
In the raw menu there is a place to turn on ML Grayscale preview. Use this to line up your shot for 1920x1080. None of the other modes accurately show the scene in crop mode for me. Maybe Iim doing something wrong. Yes the ML Grayscale mode looks horrible but you just need if for framing. Once you have everything framed up then turn global draw off. Then press the "set" button to begin recording. A read out will show you your recording speed. North of 80 mb/s is where you want to be. Don't worry if you are a little blow. A lot of the time it speeds up as you record. There is also a nifty read out that tells you how many frames have been recorded and how many more frames you can expect to record if current conditions prevail. As your card speeds up the expected number of frames will increase even as you are recording.
The worst part about 1920x1080 for me isn't the record time. It's the crop factor. The crop factor is nice because it eliminates most moire/aliasing. But it is like the 3x zoom factor on the t3i except you don't have a live picture to help you follow objects/animals/people that you are zoomed in on.
Crop mode on the 50D is butt ugly compared to the 3x zoom on the t3i. It really makes you appreciate how polished ML is on the t3i. But when you finally see the results out of the 50D you will know it will always have a spot in your stable. When I have the time and the scene is appropriate nothing in the price range touches the 50D... Nothing. Keep in mind if you don't use the ML grayscale preview what is shown in the screen is not an accurate representation of what you will record. I don't know why.
Also, I've seen a lot of raw tests on youtube. Some look incredible @ default 360p. Others look cropped and don't seem to be that great of quality. What are the do's and don'ts here from you experience?
Well a lot depends on the original resolution, conversion software, compression codec, and how the operator and Youtube beat up the file. I've seen, no lie, compressed SD footage demonstrating 50D raw. Only a psychiatrist can explain that. 1920x1080p 23.976 fps in crop mode looks excellent when processed and exposed properly. Using inadequate available light and underexposing ruins even a good thing. I would rather bump up the ISO than underexpose at a lower ISO. Beyond that use a fast (f/1.4, f/1.8, or f/2.8 in a zoom) lens to get plenty of light. A stabilizer such as a monopod, tripod, glidecam (probably useless for crop mode), or shoulder rig improves shots immensely. I don't understand the plethora of shaky hand held test videos. I mean set the camera on a table, chair, rock, car hood, etc. if you can't afford or be bothered to buy/borrow/steal a tripod. Where did these people learn photography/videography?! They are wasting people's time and bandwidth.
keywords: Canon 50D, Magic Lantern, raw, tips for beginners, instructions, guide, cropped mode, zoom