I'm no expert on video compression codecs, but that sounds too fat to fit onto SD cards which is what the prototype cam we saw last month appears to use. So this could be a completely different camera....
The Press Release:
New Canon MPEG-2 Codec chosen for file-based professional video camcorder promises compatibility with industry-standard editing & processing software
London, February 2, 2010 - Canon Inc. today announces the adoption of an MPEG-2 Full HD (4:2:2) file-based recording codec for a new professional video camcorder currently under development. The Canon MPEG-2 codec will enable high-quality imaging and audio performance with up to 50 Mbps data recording and twice the colour data of HDV profile formats. File-based recording helps video operations realise greater efficiencies during post-production processing, making it an ideal format for many industry applications such as news gathering, documentary filmmaking and event videography.
MPEG-2 Full HD compression and 4:2:2 colour sampling
The adoption of MPEG-2 Full HD (MPEG-2 4:2:2 HP@HL compliant) compression enables the recording of 1,920 x 1,080-pixel full high-definition video. Additionally, compared with the 4:2:0 profile format used in HDV and other standards, 4:2:2 colour sampling offers twice the volume of colour data, providing double the level of colour resolution.
Maximum 50 Mbps data recording
With approximately twice the total data volume of HDV, the codec supports higher resolution and increased colour data to enable the recording of high-quality video.
Industry-standard MXF file format
MXF (Material eXchange Format) is a widely supported open source file format for the recording of video, audio and metadata, developed to suit the latest editing systems used by broadcasters.
Canon partners with major editing and processing software
With the adoption of the MPEG-2 Full HD (4:2:2) file-based recording codec, Canon is working in cooperation with Adobe Systems Incorporated, Apple Inc., Avid Technology, Inc. and Grass Valley to ensure compatibility with major editing and processing software programs widely used within the video imaging industry. Additionally, at future industry events Canon intends to demonstrate the overall video-production workflow, from initial video capture to clip-trimming and final editing. Video clips stored in a file-based recording system and industry-standard software applications will be used.
 HDV is a standard for the recording and playback of high definition (1,440 x 1,080 pixels) video and audio on DV-format cassette tapes
 A format for professional digital video and audio media defined by the Society of Motion Picture and Television Engineers (SMPTE)
EDIT> So, it's not a different to camera to the one i mentioned in an earlier post..it's that camera. 1/3" sensor, 50mbps 4:2:2 colourspace in a prosumer formfactor. (Not the dodgy mock-up you see above)
MacVideo have the scoop: