Hi DigitalVeil!
With 50D and Magic Lantern you can shoot H.264 at Full HD (1920x1080), or RAW Video at max. 1568 width (I think it's 1568x882).
There is a option to use digital zoom x5 - with that option you can record Full HD RAW Video. BUT even with the fastest card, the 50D sometimes stops in that mode, and also you can't use x5 zoom mode for the most situations.
Also the highest FPS you can set is 30fps.
I got a 50D and it's a great video camera for it's cheap price. But you can not really compare to a 5D Mk3, because of it's bigger sensor (good for low light) and it's Full HD Raw video option.
If you are looking at the price - the 50D is the best camera you can get for it's price. If you want the best video camera and can spend money - you can find better cameras.
Don't forget: 50D was a photo camera without video mode, so it does not have audio recording. Also don't forget the CF cards are expensive for RAW video, I have 2x KomputerBay 64GB 1050x, each one for 85€ (something around $100). I think you can record something around 15mins on 64GB - one minute RAW video is like 4GB.
Any other questions? Just ask me! :-)