As you can see, there's 24p, 25p and 30p, but no 720p. Nice that there's 48kHz sound now and also 64 steps for the audio level.
Dan Chung has been busy testing out the 550D and shot this really nice piece at 1080p 25fps.
Canon 550D / T2i production video - Zhongguancun gadget city from Dan Chung on Vimeo.
To my eyes, it looks great. Incredible definition and really nice handling of colour and movement. Can't wait to get a 550D and try it out for myself.
Unscientific T2i tests shots includes timelapse. from Philip Bloom on Vimeo.