Wow. I've been using ML for the video utility features but after reading through the issues here haven't bothered trying raw video. Well, yesterday I had a couple of hours spare so decided to give it a try. Amazing. There's a lot of talk about latitude, and it certainly improves there. However, the flickering problem (I use ACR and AE) when adjusting the highlights etc disappointed me at first. These adjustments were part of why I was getting a great looking image, the problem being when the light changed the video had a sort of dodgy film print look. Not terrible, but a little disappointing.
Anyway, I tried again this morning when there was more light and discovered what for me is the real benefit - bypassing the H.264 codec. Shadows are dark and clean, details are incredible. I shot out my window at a view I've used to test for ages and even at the sub 1080p resolution, it was sharper and more real than anything I've seen from my 7D before. When I first installed ML, it was like getting a new camera. Raw is like another one again. OK, I'm not going to stop using the standard codec but if I want a beautiful shot, say for a website background, or a title sequence raw is the way I'll go.
By the way, I avoid the flickering by keeping away from the basic adjustments in ACR but I'm sneaking them back in, a little at a time. I ease off if I notice the flicker (by reloading the file in AE, which brings ACR back up). Then I use the curves page instead, although they're not as precise as the basic parameters.
Here's something I did. Note that I forgot to switch off IS on the lens so the pan jerks a bit at the end and it's hardly going to win me a cinemaphotography oscar but I've never been able to get this much range and detail before. The vimeo codec has disappointingly softened the image a little (I guess even for Vimeo there's too much going on for the compression) but I'm impressed at the difference between this and H.264 versions I've recorded previously.
Thanks again, everyone. Brilliant work. Hopefully Adobe will realise that a lot of people are using ACR for raw workflow and add a switch to prevent the basic parameters from changing throughout an image sequence. I'm going to shoot some city views when I'm at work today, I'm really looking forward to it.
BTW, the camera does stop recording sometimes, usually after more than 10 seconds. Most of my shots are shorter than this anyway, so I can work around it. I've learned to work around the h.264 codec (I try to use shallower depth of field and selected backgrounds to keep the detail in less important bits low to avoid the smudged look), but now I have raw as an option. I use a Microtrack II for audio (assuming I want any) but now I'm going to have to use a visual cue to resync in editing as there's no camera audio with raw. No biggie, just another adjustment to make. It's worth it for the times I will want the best possible image.